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NVIDIA shares up 3% on revenue beat, guidance misses expectations

Published 11/16/2022, 04:44 PM
Updated 11/17/2022, 05:17 AM
© Reuters NVIDIA shares up 3% on revenue beat, guidance misses expectations
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(Original posted at 4:46pm ET November 16th)

By Davit Kirakosyan

NVIDIA (NASDAQ:NVDA) shares are up 3% in pre-market Thursday following the company’s reported Q3 results, with revenue of $5.93 billion (down 17% year-over-year) coming in better than the consensus estimate of $5.8B. EPS was $0.58, compared to the consensus estimate of $0.71.

Q3 Data Center revenue was up 31% year-over-year to $3.83B. Gaming revenue grew 51% year-over-year to $1.57B.

“We are quickly adapting to the macro environment, correcting inventory levels and paving the way for new products,” said Jensen Huang, founder and CEO of NVIDIA.

The company expects Q4/23 revenue of $6B, below the consensus estimate of $6.09B. GAAP and non-GAAP gross margins are expected to be 63.2% and 66.0%, respectively, plus or minus 50 basis points.

 

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