Chipmaker Nvidia Corporation (NASDAQ: NVDA) on Wednesday reported lower revenues and earnings for the fourth quarter of 2023.
The adjusted profit of the tech firm, which is headquartered in Santa Clara, declined to $0.88 per share in the January quarter from $1.32 per share a year earlier. Net income, including special items, was $1.41 billion or $0.57 per share in the latest quarter, compared to $3.0 billion or $1.18 per share in the fourth quarter of 2022. The earnings drop reflects a 21% year-over-year decline in revenues to $6.05 billion.
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“AI is at an inflection point, setting up for broad adoption reaching into every industry. From startups to major enterprises, we are seeing accelerated interest in the versatility and capabilities of generative AI,” said Nvidia’s CEO Jensen Huang.