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NVIDIA posts fiscal Q4 2010 profit of $131.1 million

Posted on Wednesday, February 17 2010 @ 22:54:30 CET by

NVIDIA reports fiscal fourth quarter of 2010 revenue of $982.5 million, a 9 percent quarter-over-quarter growth, and net income of $131.1 million, or 23 cents per share. In the same period a year earlier, the graphics giant recorded a net loss of 147.7 million.

The results are better than expected, as analysts polled by Thomson Reuters had anticipated earnings of 20 cents per share on a revenue of $957.2 million. For the current quarter, NVIDIA expects revenue will be flat from the fourth quarter, gross margin is expected to be in the range of 44 to 45 percent (vs 44.7 percent this quarter), and operating expenses are expected to be flat, at approx. $305 million.

Sales of GPUs rose 22 percent quarter-over-quarter, notebooks GPUs were the biggest sales driver with a growth of 27 percent, revenue of the Quadro GPUs shot up 25 percent, and desktop GPU revenue soared 19 percent.

The company also reveals that about 50 notebooks with the NVIDIA Optimus technology should be available by the summer, and that Volkswagen and Audi will start using next-gen Tegra chips in their cars in 2012.
NVIDIA Corp. (NASDAQ: NVDA) today reported revenue of $982.5 million for the fourth quarter of fiscal 2010 ended Jan. 31, 2010, up 9 percent from the previous quarter and more than double the $481.1 million reported in the same period a year earlier. For the full fiscal year, revenue was $3.3 billion compared with $3.4 billion for the fiscal year ended Jan. 25, 2009, a decrease of 3 percent.

On a GAAP basis, the company recorded net income of $131.1 million, or $0.23 per diluted share, for the fourth quarter of fiscal 2010, compared with a GAAP net loss of $147.7 million, or $0.27 per share, in the same period a year earlier. GAAP net loss for the fiscal year ended Jan. 31, 2010 was $68.0 million, or $0.12 per share, compared with a net loss of $30.0 million, or $0.05 per share, for the fiscal year ended Jan. 25, 2009.

Non-GAAP net income(1) for the fiscal year ending Jan. 31, 2010 was $141.4 million, or $0.26 per diluted share, compared with net income of $160.3 million, or $0.29 per diluted share, for the same period a year earlier.

(1) Commencing with the fourth quarter, non-GAAP is now defined to include stock based compensation. As a result, stock-based compensation will no longer be a reconciling item between GAAP and non-GAAP measures. All historical non-GAAP measures presented here have been prepared on this basis.

"NVIDIA's business continued to accelerate in the fourth quarter, with strong demand in our PC and workstation markets," said Jen-Hsun Huang, NVIDIA's president and chief executive officer. "While the yield of chips made using the latest 40nm process has improved significantly, demand continues to exceed our constrained supply. Looking ahead this year, we are excited to raise the bar again with our next-generation Fermi GPU architecture; our Tegra mobile processor will enable a new class of amazing mobile devices like tablets; and our 3D Vision glasses and accompanying technology will bring a whole new dimension to personal computing."

Gross margin increased to 44.7 percent for the fourth quarter fiscal 2010 from 43.4 percent in the previous quarter and 29.4 percent in the same period a year earlier. The company's third quarter results included a non-recurring $25.1 million credit for insurance proceeds, of which $24.1 million was recorded as a benefit to cost of revenue. Excluding this benefit, fourth quarter non-GAAP gross margin improved 4.0 points sequentially to 44.7 percent from 40.7 percent.



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