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Nvidia Q3 revenues grow 50% to $7.1B as it easily beats expectations

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Nvidia Q3 revenues grow 50% to $7.1B as it easily beats expectations

Join gaming leaders, alongside GamesBeat and Facebook Gaming, for their 2nd Annual GamesBeat & Facebook Gaming Summit | GamesBeat: Into the Metaverse 2 this upcoming January 25-27, 2022. Learn more about the event. 


Nvidia reported revenues of $7.1 billion for its third fiscal quarter ended October 31, up 50% from a year earlier. Gaming revenue grew 42% to $3.22 billion. The numbers were above Wall Street’s expectations.

Nvidia reported non-GAAP earnings per share of $1.17 on revenues of $7.1 billion, up 60% from EPS of $1.04 on revenue of $6.5 billion a year earlier.

The Santa Clara, California-based company makes graphics processing units (GPUs) that can be used for games, AI, and datacenter computing. While many businesses have been hit hard by the pandemic, Nvidia has seen a boost in those areas. The company saw record revenue in its gaming, datacenter, and professional visualization platforms.

GAAP earnings per diluted share for the quarter were 97 cents, up 83% from a year ago. In after-hours trading, Nvidia’s stock is trading at $303.50 a share, up 2.5%.

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Analysts expected Nvidia to report earnings for the October quarter of $1.11 a share on revenues of $6.83 billion.

“The third quarter was outstanding, with record revenue,” said Nvidia CEO Jensen Huang in a statement. “Demand for Nvidia AI is surging, driven by hyperscale and cloud scale-out, and broadening adoption by more than 25,000 companies. Nvidia RTX has reinvented computer graphics with ray tracing and AI, and is the ideal upgrade for the large, growing market of gamers and creators, as well as designers and professionals building home workstations.”

He added, “Our GTC event series showcases the expanding universe of Nvidia accelerated computing. Last week’s event was our most successful yet, highlighting diverse applications, including supply-chain logistics, cybersecurity, natural language processing, quantum computing research, robotics, self-driving cars, climate science, and digital biology.”

And he said, “Omniverse [a metaverse for engineers to simulate things] was a major theme at GTC. We showed what is possible when we can jump into virtual worlds. Omniverse will be used from collaborative design, customer service avatars, and video conferencing, to digital twins of factories, processing plants, even entire cities. Omniverse brings together Nvidia’s expertise in AI, simulation, graphics, and computing infrastructure. This is the tip of the iceberg of what’s to come.”

Huang will receive the chip industry’s highest honor, the Robert N. Noyce Award, at the Semiconductor Industry Association (SIA) annual awards dinner on November 18. The award is named after Intel cofounder Robert Noyce, who is credited with numerous pioneering achievements at the dawn of the chip industry.

Nvidia has seen a boom in both gaming and datacenter revenues as users go online during the pandemic. Gamers have been snatching up graphics cards to play PC games, but a shortage of semiconductors has hurt companies like Nvidia.

Nvidia is still waiting on regulatory approval for its $40 billion acquisition of Arm. The United Kingdom government said it has launched a six-month review of the deal.

Nvidia touted its Nvidia GTC event last week, where I moderated a session on a vision for the metaverse. Nvidia said it launched or updated 65 software development kits for AI products, showed off its new Omniverse updates for its metaverse for engineers. Nvidia said cryptocurrency mining revenue was $105 million. Huang’s keynote from GTC has been viewed 25 million times.

In an analyst call, Huang said the success of Omniverse will be driven by engagement with developers and engineers. He said there are 70,000 engineers engaged with it, and he expects Omniverse will be helpful to those who are stuck with remote working conditions.

Chip shortages have been a tough part of the semiconductor business in the pandemic, but Huang said in the call that he believes his company has strong commitments from its contract manufacturing partners.

Datacenter

Nvidia USPS

Above: AI algorithms were developed on Nvidia DGX servers at a U.S. Postal Service Engineering facility.

Image Credit: Nvidia

Datacenter revenues hit $2.94 billion, up 55% from a year earlier. Nvidia launched a variety of products in the quarter, and it announced its plans to build Earth-2, an AI supercomputer for tackling the climate change crisis.

Gaming

Nvidia has new RTX GPUs for work laptops.

Above: Nvidia has new RTX GPUs for work laptops.

Image Credit: Nvidia

As noted, gaming revenue was $3.22 billion, up 42% from a year earlier and up 5% from the previous quarter. It added RTX to games such as Marvel’s Guardians of the Galaxy, Battlefield 2042, and Dying Light 2. More than 200 games now support RTX, as well as 125 that support DLSS.

 Professional visualization

Nvidia has eight new RTX GPU cards.

Above: Nvidia has eight new RTX GPU cards.

Image Credit: Nvidia

Professional visualization generated revenues of $577 million, up 144% from a year earlier and up 11% from the previous quarter.

Automotive

Second-quarter automotive revenue was $135 million, up 8% from a year earlier and down 11% from the previous quarter.

Outlook

For the fourth quarter ending January 31, analysts expect earnings to be $1.09 a share on revenue of $6.86 billion. Nvidia expects to make gross margins of 65.3% and revenues of $7.4 billion.

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Apple takes Russia to court over App Store ruling

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Apple takes Russia to court over App Store ruling

Apple is still fighting Russia over alleged App Store abuse. Both 9to5Mac and RT report Apple is asking for a judicial review of a Federal Antimonopoly Service warning from August that allows developers to mention alternatives to the App Store’s in-app payment system. FAS gave Apple until September 30th to alter its policies, but the company declined to change its rules despite the threat of a fine.

The opposition parallels Apple’s legal battles in the US. The judge in Epic’s lawsuit against Apple ordered the tech firm to let App Store developers point to other payment systems, but Apple appealed the injunction in hopes of a delay. The court denied Apple’s request, and the company will have until December 9th to let app makers point to other options. Apple will make exceptions to its policy for some media apps in 2022.

Pushbacks like those in the US and Russia aren’t surprising. Apple still makes most of its money through hardware sales, but its services business is growing. Easier third-party alternatives could theoretically hurt App Store revenues, not to mention increase the chances of rogue apps pointing users to malicious sites. The iPhone maker might not have much choice, however. Regulators are concerned Apple’s approach stifles choice and competition, and they’re unlikely to let the matter slide.

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Report: Phishing campaign is actively targeting U.S. military families

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Returning soldier hugging children at door

Image Credit: Mike Kemp // Getty Images

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New research from Lookout Threat Lab has found a long-running phishing campaign that is actively targeting families of United States military personnel, as well as individuals interested in pursuing a romantic relationship with a soldier. The scammers impersonate military support organizations and personnel to steal sensitive personal and financial information for monetary gain.

Based on Lookout’s analysis, it’s clear that the threat actor is looking to steal sensitive data from victims such as their photo identification, bank account information, name, address, and phone number. With this information, the actor could easily steal the victim’s identity, empty their bank account, and impersonate the individual online.

A number of infrastructure indicators and open-sourced intelligence findings lead the Lookout Threat Lab to believe that the threat actor operates out of Nigeria. The websites were primarily hosted by Nigerian providers that are offshore or ignore the Digital Millennium Copyright Act (DMCA) — in both cases, these sites were fairly protected from takedowns. Researchers were able to further confirm the operator’s location from a phone number one of the web developers accidentally left on the draft version of the site. The country code of the number is from Nigeria.

Likely for economic reasons, the threat actors chose cheap, shared hosting services for the scam websites. This can present an obstacle to research, as hundreds or even thousands of domains may share the same virtual resources and resolve to the same IP address. To uncover additional sites from this campaign, Lookout researchers were able to reference the contact numbers on these sites, which happened to be reused.

When the Lookout Threat Lab dove into the registration information for various sites, they found that the actors practiced fairly poor operational security, often reusing phone numbers, email addresses, and other registrant information, which made the campaign easier to track. In addition to the shared resources and contact information on the actual websites, this information enabled Lookout researchers to identify 50 military scam sites tied to this campaign. They were also able to link this group to numerous other scams advertising fake delivery services, cryptocurrency trading, banks, and even online pet sales.

As compromised accounts are one of the most difficult threats to combat, the Lookout Threat Lab recommends all organizations deploy a dedicated phishing solution that works regardless whether the employee is working inside corporate perimeters or not.

See the full report by Lookout Threat Lab.

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eBay banned some users by mistake

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eBay banned some users by mistake

Twitter isn’t the only big-name internet company to have accidentally banned users this week. As The Verge reports, eBay has confirmed it suspended a “small number” of users by mistake on December 3rd. The company didn’t provide a cause or reveal the extent of the problem, but said it had fixed the slip-up and notified those affected.

There may have been a significant number of victims. Reddit users devoted a large thread to the bans, noting that there weren’t any potential red flags for at least some of the accounts. People were suspended even if they had excellent buyer and seller histories or hadn’t used eBay for years. Those who contacted eBay were denied appeals and, at least once, told they put eBay users “at risk.”

While it’s not always clear what prompts unintentional bans, incidents like these underscore the limits of moderating internet services. Companies often have to lean on automated moderation to handle the sheer scale of content, and those human moderators that are available can still make mistakes. Gaffes like this are rare, but might be difficult to avoid without double-checking decisions.

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