Nvidia stock is down over 42% so far since the beginning of the year. Nvidia said that revenue from its dedicated cryptocurrency mining chips, CMP, was "nominal," contributing to a 66% annual decrease in its OEM and other category. Automotive remains small, although it increased 45% year-over-year to $220 million. Its professional visualization business, which sells graphics chips for enterprise uses, declined 4% annually to $496 million. Nvidia also has a few smaller lines of business. It rose 61% on an annual basis to $3.8 billion, driven by what the company calls "hyperscale" customers, which are big cloud providers. The company's data center business did slightly better. In turn, its adjusted EPS climbed 49% to $1.36.Nvidia said it would adjust prices with its retailers to address "challenging market conditions" for the industry that it said it expected to persist through the current quarter. Its non-GAAP operating income increased 55% from the prior-year quarter to $3.96 million. This significant growth was driven by an 83% rise in data center sales to $3.75 billion and a 31% increase in gaming revenue to $3.62 billion. NVDA's revenue has increased 46% year-over-year to $8.29 billion in the third quarter, ended May 1, 2023. The company blamed diminished revenue in Russia and COVID-19-related production shutdowns in China. In addition, the stock was down nearly 5.5% in late trading yesterday after the chipmaker issued a softer-than-expected outlook for the July quarter. While the company's shares are up 8.5% in price over the past year, the stock is down 42.3% year-to-date, closing yesterday's trading session at $169.75. Its products are used in gaming devices, data centers, and automobiles. The company operates in two segments: Graphics and Computing and Networking.
Santa Clara, Calif.-based NVIDIA Corporation ( NVDA ) is a leading semiconductor and networking solutions firm located in the United States. So, let's evaluate if it is worth betting on the stock now. Despite posting impressive third-quarter earnings results, semiconductor chipmaker NVIDIA's (NVDA) shares plunged nearly 5% in price in late trading yesterday, owing to its weaker-than-expected outlook for the coming quarter.
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