Zinger Key Points
- NVIDIA reported third-quarter revenue of $5.93 billion, down 17% year-over-year.
- Shares of Nvidia traded higher on the revenue beat and guidance for the fourth quarter.
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Technology giant NVIDIA Corporation NVDA reported third quarter financial highlights after the market close Wednesday. Here are the key highlights.
What Happened: Nvidia reported third-quarter revenue of $5.93 billion, down 17% year-over-year. The revenue total beat a Street estimate of $5.77 billion, according to data from Benzinga Pro.
NVIDIA reported earnings per share of 58 cents in the quarter, down 50% year-over-year. Earnings per share missed a Street estimate of 69 cents per share.
“We are quickly adapting to the macro environment, correcting inventory levels and paving the way for new products,” Nvidia CEO Jensen Huang said.
Data center segment revenue was $3.83 billion, up 31% year-over-year and up 1% from the second quarter. The segment was a key highlight from the company in the earnings report.
Gaming segment revenue was $1.57 billion in the third quarter, down 51% year-over-year.
Professional visualization segment revenue was $200 million, down 65% year-over-year in the third quarter.
The company’s automotive and embedded segment had third quarter revenue of $251 million, up 86% year-over-year.
The company said it returned $3.75 billion to shareholders in the third quarter via dividends and share buybacks. The company has $8.28 billion remaining on its share buyback program.
Related Link: Trading Strategies For NVIDIA Stock Before And After Q3 Earnings
What’s Next: NVIDIA is guiding for fourth quarter revenue of $6 billion, plus or minus 2%. The Street estimate is $6.09 billion, according to data from Benzinga Pro.
“The ramp of our new platforms – Ada Lovelace RTX graphics, Hopper AI computing, BlueField and Quantum networking, Orin for autonomous vehicles and robotics, and Omniverse – is off to a great start and forms the foundation of our next phase of growth,” Huang said.
NVDA Price Action: NVIDIA shares are up 3% to $163.40 in after hours trading Wednesday.
Read Next: Analyst Ratings For NVIDIA
Photo courtesy of Nvidia.
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