Nvidia announces Q3 earnings: net profit of $899 million

On November 15, local time on Thursday, Nvidia announced the company’s Q3 financial report for the fiscal year ended October 27, 2019. According to the financial report, Nvidia’s third-quarter revenue was US$3.014 billion, down 5% year-on-year; net profit was US$899 million, down 27% year-on-year.

Prior to this, Nvidia’s revenue had declined for three consecutive quarters. The main reason is the poor sales of the chip business, as customers have accumulated a large number of unused chips and do not need to purchase too many new chips.

In the field of data centers, although Nvidia pioneered the use of accelerators to assist in the operation of artificial intelligence, its competitors also included established powerhouses such as Google, so its performance was mediocre.

For the fourth quarter, Nvidia gave a relatively flat forecast: fourth-quarter revenue will be $2.95 billion, fluctuating 2%. Analysts’ average estimate was $3.1 billion. Gross margin was 64%, plus or minus 50 basis points.

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