Nvidia on Wednesday posted results for the third quarter of its fiscal year 2023 as its latest products based on the
Ada Lovelace and
Hopper architectures began their ramp-up. As expected, sales of the company's gaming and professional graphics solutions dropped quarter-over-quarter and year-over-year. Still, at the same time, the company sold a boatload of data center products, including the latest H100 compute GPUs. Furthermore, demand for the latest GeForce RTX 40-series is so high that Nvidia could not meet demand.
"Our new Ada Lovelace GPU architecture had an exceptional launch," said Colette Kress, Nvidia's chief financial officer. "The first Ada GPU, the GeForce RTX 4090 became available in mid-October at a tremendous demand and positive feedback from the gaming community. We sold out quickly in many locations and are working hard to keep up with demand."
Nvidia's revenue for Q3 FY2023 dropped to $5.93 billion, down 12% sequentially and 17% year-over-year. As the company's gross margins declined to 53.6%, down from around 65% in the recent quarters (but up from 43.5% in Q2 FY2023), its net income fell to $680 million, up 4% quarter-over-quarter (QoQ), but down a whopping 72% from the same quarter a year ago. Sales of Nvidia's consumer and professional graphics cards were down in Q3 FY2023. Nvidia's gaming revenue totaled $1.57 billion, down 23% from the previous quarter and 51% from the same period a year ago.
