NVIDIA Corporation Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Financial Performance

  • Q3 revenue: $5.93 billion, down 12% sequentially and 17% year over year, reflecting continued macroeconomic softness and channel inventory corrections.
  • Record revenue achieved in Data Center and Automotive; Gaming and Professional Visualization declined sharply due to weaker demand and inventory normalization.

Segment Performance

Data Center

  • Revenue: $3.83 billion, up 1% sequentially and up 31% year over year.
  • Growth driven by U.S. cloud providers and expanding adoption of large language models, recommendation systems, and generative AI.
  • Export restrictions on A100/H100 to China impacted revenue but were largely offset by sales of alternative products (A800).
  • China demand remains soft and is expected to continue into Q4.
  • H100 shipments began in Q3; major cloud providers (AWS, Google Cloud, Azure, Oracle) expected to launch instances early next year.
  • New partnerships announced:
    • Microsoft: Multiyear collaboration to build a cloud AI supercomputer using tens of thousands of NVIDIA GPUs.
    • Oracle: Will offer full NVIDIA stack and large-scale GPU deployments.
    • Rescale: Integrating NVIDIA AI into HPC cloud offerings.

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Operator: Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the NVIDIA's third quarter earnings call. [Operator instructions] Simona Jankowski, you may begin your conference. Simona Jankowski: Thank you. Good afternoon, everyone, and welcome to NVIDIA's conference call for the third quarter of fiscal 2023. With me today from NVIDIA are Jen-Hsun 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 fourth quarter and 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 file on Form 8-K with the Securities and Exchange Commission. All our statements are made as of today, November 16, 2022, and based on information currently available to us. Exc

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