Earnings: Nvidia (NVDA) Q3 profit drops and misses estimates; revenue down 17%

Nvidia Corporation (NASDAQ: NVDA) Wednesday reported lower revenues and earnings for the third quarter of 2023. The bottom line also fell short of expectations.

The Santa Clara-headquartered graphics chipmaker said its adjusted net income declined to $0.58 per share in the October quarter from $1.17 per share a year earlier. Market watchers had predicted a smaller fall. Net income, including special items, was $680 million or $0.27 per share in the latest quarter, compared to $2.46 billion or $0.97 per share in the third quarter of 2022.

The earnings drop reflects a 17% year-over-year decline in revenues to $5.93 billion. The top line, however, exceeded estimates.

Check this space to read management/analysts’ comments on Nvidia’s Q3 2023 earnings

“During the third quarter of fiscal 2023, we returned $3.75 billion to shareholders in the form of share repurchases and cash dividends, and we returned $9.29 billion in the first nine months of fiscal 2023. As of the end of the third quarter of fiscal 2023, we had $8.28 billion remaining under our share repurchase authorization through December 2023,” said Nvidia’s CFO Colette Kress.

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