Nvidia Q4 revenue dips 21% to $6.05B as downturn takes its toll
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Nvidia reported its quarterly revenue for the fourth fiscal quarter ended January 29 was $6.05 billion, down 21% as the downturn took its toll on the AI and gaming chip maker.
But generative AI is expected to create a significant opportunity that will accelerate this year, said Colette Kress, chief financial officer, in a call with analysts.
GAAP earnings per diluted share for the quarter were 57 cents, down 52% from a year ago and up 111% from the previous quarter. Non-GAAP earnings per diluted share were 88 cents, down 33% from a year ago and up 52% from the previous quarter.
For fiscal 2023, revenue was $26.97 billion, flat from a year ago. GAAP earnings per diluted share were $1.74, down 55% from a year ago. Non-GAAP earnings per diluted share were $3.34, down 25% from a year ago.
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“AI is at an inflection point, setting up for broad adoption reaching into every industry,” said Jensen Huang, CEO of Nvidia, in a statement. “From startups to major enterprises, we are seeing accelerated interest in the versatility and capabilities of generative AI.”
He added, “We are set to help customers take advantage of breakthroughs in generative AI and large language models. Our new AI supercomputer, with H100 and its Transformer Engine and Quantum-2 networking fabric, is in full production.”
Huang said the company’s graphics processing units (GPUs) for gaming are in recovery mode. Kress said gaming revenue was $1.83 billion down 46% from a
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