Nvidia (NVDA) Q2 profit drops despite higher revenues; issues Q3 guidance

Graphics chipmaker Nvidia Corporation (NASDAQ: NVDA) reported a decline in earnings for the second quarter of 2023, despite an increase in revenues. The company also issued guidance for the third quarter.

The tech firm said its adjusted earnings decreased to $0.51 per share in the July quarter from $1.04 per share a year earlier. Net income, including one-off items, was $656 million or $0.26 per share in the latest quarter, compared to $2.37 billion or $0.94 per share in the second quarter of 2022.

Meanwhile, revenues grew 3% annually to $6.7 billion during the three-month period, aided by strong performance by the Data Center and Automotive segments.

Check this space to read management/analysts’ comments on Nvidia’s Q2 earnings

For the third quarter, the management expects revenues to be $5.90 billion. Reported and adjusted gross margins are expected to be 62.4% and 65.0%, respectively, plus or minus 50 basis points.

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