Nvidia (NVDA) announced its fiscal Q2 earnings after the bell on Wednesday, missing on earnings per share and falling short on Q3 forecasts amid a slowdown in PC and gaming sales following the explosive growth the sectors saw in 2020 and 2021. Here are the most important numbers from the report compared to what analysts were expecting.
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Revenue: $6.7 billion versus $6.7 billion expected
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Adj. EPS: $0.51 versus $0.53 expected
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Data Center: $3.8 billion versus $3.8 billion expected
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Gaming: $2.0 billion versus $2.0 billion expected
Net income for the company fell 72% year-over-year to $656 million. Shares of Nvidia were down more than 2% following the announcement.
Nvidia also announced Q3 revenue projections that fell short of expectations, saying it will bring in $5.9 billion in the quarter. Wall Street was looking for $6.9 billion.
“We are navigating our supply chain transitions in a challenging macro environment and we will get through this,” Nvidia founder and CEO Jensen Huang said in a statement.
Nvidia released its preliminary earnings on Aug. 8, warnings investors that the company was going to miss on its own expectations for the quarter as gaming sales continued to plummet.
According to the company’s numbers, gaming segment revenue dropped an eye-watering 33% year-over-year and 44% quarter-over-quarter. Fellow gaming companies including Microsoft (MSFT), Sony (SONY), Nintendo (NTDOY), and others have also reported a drop in game hardware spending.