GPU chip giant Nvidia is facing a flat turnover in 2022 as the recession bites.
The company is predicting revenue of $6bn for its fourth quarter, which finishes in 2023. The revenue of $5.93bn in Q3 this year is down 17% from a year ago and down 12% from the previous quarter, giving an expected turnover of $26.92bn for the year.
This is almost exactly the same as the previous year at $26.91bn, although that figure was up $16.68bn in 2020 after the effects of the Covid-19 pandemic.
The company points to the increase in data centre, AI and supercomputer revenue to $3.83bn, up 31% from a year ago, as a key area of growth after supply problems for its consumer graphics cards.
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“We are quickly adapting to the macro environment, correcting inventory levels and paving the way for new products,” said Jensen Huang, founder and CEO of Nvidia.
“The ramp of our new platforms ― Ada Lovelace RTX graphics, Hopper AI computing, BlueField and Quantum networking, Orin for autonomous vehicles and robotics, and Omniverse ― is off to a great start and forms the foundation of our next phase of growth.”
“Nvidia’s pioneering work in accelerated computing is more vital than ever. Limited by physics, general purpose computing has slowed to a crawl, just as AI demands more computing. Accelerated computing lets companies achieve orders-of-magnitude increases in productivity while saving money and the environment,” he said.