NVIDIA Reports First Quarter Revenue
Financial Highlights
SANTA CLARA, Calif., Aug. 23, 2023 -- NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 28, 2023.Revenue and Earnings
* Revenue was $8.29 billion, down 21% year-over-year. * Net income was $2.26 billion, down 53% year-over-year. * Diluted EPS was $0.56, down 52% year-over-year.NVIDIA's first-quarter revenue declined significantly due to a slowdown in demand for its gaming and data center products. The company also cited a challenging macroeconomic environment and geopolitical uncertainties.
Despite the revenue decline, NVIDIA's gross margin remained robust at 64.2%. The company also reported strong cash flow from operations of $2.4 billion.
NVIDIA is a leading provider of graphics processing units (GPUs), which are used in a variety of applications, including gaming, data centers, and automotive.
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