NVIDIA Corporation Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Total revenue reached a record 8.3 billion dollars, rising 8 percent sequentially and 46 percent year-over-year compared with Q1 FY2022.
  • Record performance in both Data Center and Gaming despite macroeconomic challenges, supply chain pressures, and regional softness.
  • Data Center surpassed Gaming as NVIDIA’s largest platform.

Segment Performance

Gaming
  • Revenue was 3.6 billion dollars, up 6 percent sequentially and 31 percent year-over-year.
  • Growth driven by GeForce RTX 30 Series, NVIDIA’s strongest gaming cycle to date.
  • Approximately one-third of GeForce installed base now on RTX, compared with the prior year where RTX-enabled content had doubled.
  • Softness observed in Europe due to war in Ukraine and in China from COVID lockdowns.
  • NVIDIA expects Gaming revenue to decline in Q2, with a drop in the “teens” percentage range sequentially.
  • Reduced crypto mining activity appears to be diminishing its contribution to Gaming demand.
Data Center
  • Record revenue of 3.8 billion dollars, up 15 percent sequentially and 83 percent year-over-year.
  • Hyperscale and cloud computing revenue more than doubled year-over-year.
  • Strong adoption of A100 GPU across training, inference, recommender systems, and large language models.

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Operator: Good afternoon. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to NVIDIA's first quarter earnings call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be question-and-answer session. [Operator Instructions] Thank you. Simona Jankowski, you may begin your conference. Simona Jankowski: Thank you. Good afternoon, everyone, and welcome to NVIDIA's conference call for the First Quarter of Fiscal 2023. With me today from NVIDIA are Jensen Huang, President and Chief Executive Officer; and Colette Kress, Executive Vice President and Chief Financial Officer. I'd like to remind you that, our call is being webcast live on NVIDIA's Investor Relations website. The webcast will be available for replay until the conference call to discuss our financial results for the second quarter of fiscal 2023. The content of today's call is NVIDIA's property. It can't be reproduced or transcribed without our prior written consent. During this call, we may make forward-looking statements based on current expectations. These are subject to a number of significant risks and uncertainties and our actual results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our most recent Forms 10-K and 10-Q and the reports that we may

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