Nvidia Corporation (NVDA) reported on Wednesday that its revenue for the second trimester of the fiscal year 2023 reached $6.7 billion, rising 3% on a yearly basis and in line with estimates shared in its preliminary report. Compared to the previous quarter, however, revenue was down a whopping 19%.

To summarize:

● Q2 Non-GAAP EPS of $0.51 misses by $0.01.

● Revenue of $6.7 billion (+2.9% YoY) in-line with forecast.

● Data Center revenue of $3.81 billion, up 61% from a year ago.

● Quarterly return to shareholders of $3.44 billion.

● Q3 Outlook: Revenue is expected to be $5.90 billion vs. consensus of $6.92B, plus or minus 2%.

In the second quarter of the fiscal year, the company's GAAP earnings per diluted share plunged 72% on an annual basis, to $0.26. Moreover, net income also nosedived 72% on an annual basis, amounting to $656 million.

"We are navigating our supply chain transitions in a challenging macro environment and we will get through this," NVIDIA CEO Jensen Huang stated. The company expects its revenue in the third quarter of 2023 to stand at approximately $5.90 billion. Nvidia's shares declined 2.17% in after-hours trading following the release of the report.

Nvidia price target was reduced from $240 to $210 at Raymond James.