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Nvidia (NVDA) Q1 2023 earnings results beat revenue and EPS expectations

Nvidia is touting a record quarter as the company reports its Q1 2023 earnings.

May 25, 2022 1:32 PM

NVIDIA ($NVDA) has reported in with its earnings for Q1 2023. The news appears to be mostly good, as the company has surpassed its revenue and EPS expectations.

Here is the statement from the NVIDIA investor relations website:

NVIDIA (NASDAQ: NVDA) today reported record revenue for the first quarter ended May 1, 2022, of $8.29 billion, up 46% from a year ago and up 8% from the previous quarter, with record revenue in Data Center and Gaming.

GAAP earnings per diluted share for the quarter were $0.64, down 16% from a year ago and down 46% from the previous quarter, and include an after-tax impact of $0.52 related to the $1.35 billion Arm acquisition termination charge. Non-GAAP earnings per diluted share were $1.36, up 49% from a year ago and up 3% from the previous quarter.

Revenue came in at $8.29 billion, which is more than the initial projected $8.12 billion that was expected. EPS came in at $1.36 per share, which passed the Wall Street consensus estimates of $1.20 per share.

NVIDIA expects to ramp up several of its divisions in the second half of 2022, including new GPU, CPU, DPU, and robotics processors. The company will aim to push forward on AI, graphics, robotics, and self-driving cars.

The company also hailed its revenue from its gaming division, noting that it has overcome many of the challenges created by the ongoing supply chain crisis to record a substantial $3.62 billion revenue, which is up from 31 percent at this time one year ago. NVIDIA has also noted the advancements to GeForce NOW, which now features RTX 3080-class streaming, a larger library, and even the ability to access Fortnite on mobile devices, which now offers one of the only ways to play the battle royale on iOS.

We'll have more on NVIDIA, as the company prepares to hold its Q1 2023 earnings call. You can watch the call live on the Shacknews Twitch channel and on-demand later today on the Shacknews YouTube channel today at 2:00 p.m. PT/5:00 p.m. ET.

Ozzie Mejia

Senior Editor

Ozzie has been playing video games since picking up his first NES controller at age 5. He has been into games ever since, only briefly stepping away during his college years. But he was pulled back in after spending years in QA circles for both THQ and Activision, mostly spending time helping to push forward the Guitar Hero series at its peak. Ozzie has become a big fan of platformers, puzzle games, shooters, and RPGs, just to name a few genres, but he’s also a huge sucker for anything with a good, compelling narrative behind it. Because what are video games if you can't enjoy a good story with a fresh Cherry Coke?

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