NVIDIA reported $8.29 billion in revenue for its first quarter of fiscal 2023, up 46% year over year. Data Center revenue reached a record $3.75 billion, narrowly topping record Gaming revenue of $3.62 billion. These are historical results for the quarter ended May 1, 2022, announced May 25, 2022—not a report of NVIDIA’s current performance.
What NVIDIA reported for Q1 FY2023
The company’s two largest businesses each set quarterly revenue records, but Data Center was slightly larger this time. NVIDIA’s total revenue increased 8% from the prior quarter as well as 46% from a year earlier.
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| Business | Revenue | Year-over-year change | Sequential change |
|---|---|---|---|
| Data Center | $3.75 billion | Up 83% | Up 15% |
| Gaming | $3.62 billion | Up 31% | Up 6% |
| Total NVIDIA revenue | $8.29 billion | Up 46% | Up 8% |
All figures are U.S. dollars and refer to NVIDIA’s Q1 FY2023 results. The segment figures are revenue, not profit: they show scale and growth, but do not establish which business was more profitable or identify which products caused the changes. NVIDIA said it introduced the GeForce RTX 3090 Ti during the quarter, but its results do not establish that this launch drove Gaming revenue growth. NVIDIA’s May 25, 2022 results release provides the reported figures and product mention.
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Why the earnings measures moved in opposite directions
NVIDIA reported diluted earnings per share of $0.64 under GAAP, down 16% year over year and 46% sequentially. Its non-GAAP diluted EPS was $1.36, up 49% year over year and 3% sequentially. These figures use different accounting bases and should not be compared as if they were the same measure.
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The GAAP result included an after-tax charge of $0.52 per share related to the $1.35 billion termination charge for NVIDIA’s planned Arm acquisition. That charge is central to understanding why GAAP EPS fell even as the company reported substantial revenue growth. NVIDIA explains that its non-GAAP measures exclude specified items and are not a substitute for GAAP results; consult the release’s reconciliation when assessing the adjustment.
Other businesses in the quarter
Two smaller reported segments provide context for the breadth of NVIDIA’s results:
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- Professional Visualization: $622 million in revenue, up 67% year over year and down 3% sequentially.
- Automotive: $138 million in revenue, down 10% year over year and up 10% sequentially.
These segment changes do not alter the main comparison: Data Center and Gaming were the two largest businesses, and each recorded its highest quarterly revenue to that point.
What NVIDIA forecast at the time
For fiscal Q2, management projected revenue of $8.10 billion, plus or minus 2%. The outlook included an estimated $500 million reduction related to Russia and COVID lockdowns in China. This was guidance issued on May 25, 2022—not a reported Q2 result or a guarantee of what the company would earn.
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On the earnings call, CFO Colette Kress said NVIDIA expected “some ongoing impact as we prepare for a new architectural transition later in the year” and was projecting Gaming revenue to decline sequentially in Q2. That was management’s contemporaneous outlook, not an explanation of the eventual quarter’s results. CEO Jensen Huang described the quarter as record-setting in Data Center and Gaming against a challenging macro environment. These remarks are company statements; the reported figures alone do not show that AI adoption or any individual product caused the growth. HotHardware’s May 26, 2022 coverage reported Kress’s outlook remarks.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Did NVIDIA beat earnings expectations?
The cited results establish strong growth and quarterly records, but they do not provide an analyst-consensus estimate or a quantified comparison with expectations. On this evidence, it is accurate to say NVIDIA reported strong Q1 FY2023 results; it is not established that it beat Wall Street estimates.
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