NVIDIA Reports $6.7 Billion Q2 Revenue Amid Supply Chain Challenges
NVIDIA announces second quarter fiscal 2023 revenue of $6.70 billion, a 3% year-over-year increase driven by a 61% surge in Data Center revenue. The company returns $3.44 billion to shareholders while navigating a challenging macro environment.
NVIDIA reports $6.70 billion in revenue for the second quarter of fiscal 2023, representing a 3% increase from the previous year but a 19% decline from the prior quarter. The company experiences a significant drop in both GAAP and non-GAAP earnings per share compared to last year due to macroeconomic headwinds and supply chain transitions. Despite these challenges, CEO Jensen Huang expresses confidence that the company successfully navigates the current environment.
The Data Center segment drives growth with $3.81 billion in revenue, marking a 61% year-over-year increase as accelerated computing and AI transform various industries. Huang highlights that automotive is on track to become NVIDIA's next billion-dollar business, while AI advancements fuel data center demand and enable breakthroughs in drug discovery, climate science, and robotics. The company prepares to share further innovations in RTX, AI, and the metaverse at the upcoming GTC conference.
NVIDIA returns $3.44 billion to shareholders during the quarter through share repurchases and cash dividends, significantly up from $2.10 billion in the first quarter. The company maintains $11.93 billion in remaining share repurchase authorization through December 2023 and plans to continue these returns throughout the fiscal year. Additionally, NVIDIA announces a upcoming quarterly cash dividend of $0.04 per share for eligible shareholders.