(Nvidia) Shares of Nvidia traded down more than 5% in premarket on Thursday after posting GAAP diluted earnings per share of $0.64 in the first quarter of 2023. The earnings were 16% below last year and 46% lower than the prior quarter.
The fall in earnings occurred even as the company reported record revenue of $8.29 billion in the quarter, an increase of 46% from the prior year. The company’s Data Center and Gaming revenue also hit a record.
The net income in the quarter was recorded at $1.62 billion, down 46% from the prior quarter and 15% below last year.
Nvidia said it returned a total of $2.10 billion in the form of cash dividends and share repurchases to its shareholders in the quarter. The company’s board raised and extended the share buyback program to acquire additional stock up to $15 billion through the end of 2023.
NVDA: NASDAQ is down -5.80% in premarket.
