However, the company emphasizes one figure that actually increased – the company’s revenue from systems for data centers was $3.83 billion, a 31% increase from a year ago, as well as the new platforms for the field of artificial intelligence
NVIDIA (NASDAQ: NVDA ) reported revenue for the third quarter ended October 30, 2022, of $5.93 billion, down 17% from a year ago and down 12% from the previous quarter. GAAP earnings per share were $0.27, down 2% from a year ago and up 4% from the previous quarter.
“We are quickly adapting to the macro environment, fixing inventory levels and paving the way for new products,” said Jensen Huang, founder and CEO of NVIDIA.
Nvidia CEO Jensen Huang said: “The increase in demand for our new platforms – Ada Lovelace RTX graphics, Hopper for artificial intelligence computing, BlueField and Quantum networks, Orin for autonomous vehicles and robotics, and Omniverse – is a great start and forms the basis for the phase Our next growth.”
The company’s founder and CEO, Jensen Huang, said: “We are quickly adapting to the macro environment, correcting inventory levels and paving the way for new products. The launch of our new platforms – Ada Lovelace RTX for graphics, Hopper for AI computing, BlueField and Quantum for accelerated communication, Orin for autonomous vehicle and robotics, and Omniverse – has started well and is the foundation of our next phase of growth. Nvidia’s groundbreaking work in accelerated computing is essential now more than ever. Given the limitations of physics, computing for general purposes has slowed to a crawl, precisely at a time when artificial intelligence requires more and more computing.
According to him, the decrease was due to several reasons, including the export restrictions to China of A100 chips and H100-based products and any product intended for certain systems or entities in China. These restrictions impacted revenues in the third quarter, with the decline largely offset by sales of alternative products to China.
Revenues from games fell 51% from a year ago and fell 23% sequentially, which reflects a decrease in sales to partners who were required to adjust the inventory levels of the channels to current demand expectations in macroeconomic conditions and the corona closures in China that continue to cloud consumer demand.
“The decrease was mainly due to a decrease in the sales of graphics processors for mobile computers. We believe that the recent shift in Ethereum cryptocurrency transaction verification from proof-of-work to proof-of-stake has reduced the utility of GPUs for cryptocurrency mining. This may have contributed to an increase in aftermarket sales of our GPUs in certain markets, which may affect demand for some of our products,
Especially at the low end.”