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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →NVIDIA reported $8.29 billion in revenue for the first quarter of fiscal 2023, up 46% from a year earlier. Data Center revenue reached $3.75 billion, narrowly overtaking Gaming at $3.62 billion; both businesses set quarterly records. The results were released May 25, 2022, for the quarter ended May 1, 2022, so they are a historical snapshot—not NVIDIA’s current earnings.
What NVIDIA reported in Q1 FY2023
The company’s two largest businesses grew strongly, with Data Center recording the faster year-over-year increase. NVIDIA reported all figures in U.S. dollars.
| Business or measure | Revenue | Year-over-year change | Sequential change |
|---|---|---|---|
| Total company revenue | $8.29 billion | Up 46% | Up 8% |
| Data Center | $3.75 billion | Up 83% | Up 15% |
| Gaming | $3.62 billion | Up 31% | Up 6% |
| Professional Visualization | $622 million | Up 67% | Down 3% |
| Automotive | $138 million | Down 10% | Up 10% |
Data Center’s quarterly revenue was $130 million higher than Gaming’s. The figures show revenue and growth, not segment profitability, and by themselves do not identify which products or customer purchases drove the changes. NVIDIA’s release noted that it introduced the GeForce RTX 3090 Ti during the quarter, but did not establish that product as the cause of Gaming’s record revenue. (NVIDIA’s Q1 FY2023 results release.)
Why Data Center and Gaming grew
Data Center
Data Center produced $3.75 billion in revenue, up 83% year over year and 15% sequentially. That made it NVIDIA’s largest reported business for the quarter. CEO Jensen Huang said the company delivered record results in Data Center and Gaming against a challenging macroeconomic backdrop. He also attributed wider adoption of NVIDIA for AI computing to deep learning’s potential to automate intelligence. Those are management’s explanations, rather than independent proof that AI adoption alone caused the reported growth.
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Gaming
Gaming generated $3.62 billion, up 31% year over year and 6% from the prior quarter, also a record. At the time, CFO Colette Kress said NVIDIA expected gaming revenue to decline sequentially in fiscal Q2 as the company prepared for a new architectural transition later in the year. That statement was a forward-looking expectation made in May 2022, not a Q2 result. (HotHardware’s May 26, 2022 earnings coverage.)
Why GAAP and non-GAAP earnings moved in opposite directions
NVIDIA reported diluted earnings per share of $0.64 on a GAAP basis, down 16% year over year and 46% sequentially. On a non-GAAP basis, diluted EPS was $1.36, up 49% year over year and 3% sequentially. These are different accounting measures, so the decline in GAAP EPS should not be compared directly with the increase in non-GAAP EPS as though they were the same calculation.
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NVIDIA said GAAP results included an after-tax impact of $0.52 per share from a $1.35 billion charge related to terminating its proposed Arm acquisition. The company’s non-GAAP measures exclude specified items; NVIDIA cautions that these measures are not substitutes for GAAP results. (NVIDIA’s results release and non-GAAP reconciliation.)
What NVIDIA forecast for fiscal Q2 at the time
On May 25, 2022, NVIDIA forecast fiscal Q2 revenue of $8.10 billion, plus or minus 2%. The company said that outlook included an estimated $500 million reduction related to Russia and COVID lockdowns in China. This was management guidance issued at the time; it was neither a reported result nor a guarantee. The contemporaneous expectation of a sequential Gaming decline was also a forecast, not a measured outcome.
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Did NVIDIA beat earnings expectations?
The cited company release establishes strong growth, record revenue in Data Center and Gaming, and the reported EPS figures. The available figures do not establish a sourced analyst-consensus estimate or quantify an earnings beat. Therefore, the results support describing NVIDIA’s revenue growth as strong, but not claiming that it beat Wall Street estimates.
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