NVIDIA just presented its financial results for the first quarter of fiscal 2008, which ended April 29, 2007:
For the first quarter of fiscal 2008 revenues were $844.3 million, compared to $681.8 million for the first quarter of fiscal 2007, an increase of 24 percent. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of fiscal 2008 was $132.3 million, or $0.33 per diluted share, an increase of 44 percent compared to the first quarter of fiscal 2007.
Non-GAAP net income for the first quarter of fiscal 2008, which excludes stock-based compensation charges and the associated tax impact, was $164.4 million, or $0.42 per diluted share, an increase of 48 percent compared to the first quarter of fiscal 2007.
"Compared to last year, first quarter revenue grew 24 percent and non-GAAP net income increased 48 percent. With our continued focused on operational excellence, gross margins achieved a company record. We maintained leadership positions in each of our core product lines, which positions us for continued growth throughout the year," stated Jen-Hsun Huang, president and CEO of NVIDIA.
"Our growth reflects the ever growing importance of the GPU across a broad range of computing and digital devices. The GPU is one of the most important enablers for the digital consumer era. Over the next 10 years, we estimate that over 10 billion GPUs will be needed to power PCs, mobile devices, cars, TVs, and game consoles. Our strategy is clear and focused - to be the world leader in GPUs and capitalize on this exciting opportunity," added Mr. Huang.