What They Say
Nvidia’s results for Q3 of its financial yeat to the end of October, with revenue down 17% YoY and 12% QoQ to $5,931 with margin also down 11.6 points from last year to 53.6% (but up on Q2’s 43.5%). Net incom was down from $2.46 billion last year to $680 million this time, although that was slightly up on Q2.
Gaming ($1.57 billion) was down 51% from last year and 23% from last quarter and professional visualisation was down 65% from a year ago at $200 million.
What We Think
I wouldn’t normally bother to report or comment on a chipmaker other than Intel or Qualcomm, but Nvidia is an interesting representative of the graphics business. The stock was not affected too badly as a weak result had been expected and already discounted and the stock price remains above pre-Covid levels, although down on the pandemic peak.
Part of the problem for Nvidia is inventory overhang from earlier supply chain issues as Paul Gray talked about this week and reported in our DD yesterday (Omdia Updates on TV at the 4KHDR Summit). Channels have needed to clear it. (BR)
