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NVIDIA Posts Q1 Earnings, $60.4 Million Profit on $924.9 Million in Revenue

NVIDIA’s Q1 earnings call took place this morning with the company reporting a somewhat small decrease in growth when compared to last year’s Q4. In total, the company raked in $925 million in total revenue, with $60.4 million in profit thanks to the success of their Tegra line of mobile processors and the Kepler GPUs. In true CEO fashion, Jen-Hsun Huang said that their product launches have been better than ever and that he has high expectations for the upcoming year. You can catch the entire press release down below.

Speaking of NVIDIA, feel free to enter our contest and win yourself a Transformer Pad prize pack.

NVIDIA Reports Financial Results for First Quarter Fiscal Year 2013

SANTA CLARA, CA, May 11, 2012 (MARKETWIRE via COMTEX) –NVIDIA (NASDAQ: NVDA)

--  Revenue of $924.9 million.
--  GAAP net income was $60.4 million, or $0.10 per diluted share.
    Non-GAAP net income was $97.5 million, or $0.16 per diluted share.
--  GAAP gross margin was 50.1 percent. Non-GAAP gross margin was 50.4
    percent.

NVIDIA (NASDAQ: NVDA) today reported revenue of $924.9 million for the first quarter of fiscal 2013 ended Apr. 29, 2012.

“Kepler GPUs are accelerating our business,” said Jen-Hsun Huang, president and chief executive officer of NVIDIA. “Our newly launched desktop products are winning some of the best reviews we’ve ever had. Notebook GPUs had a record quarter. And Tegra is on a growth track again, driven by great mobile device wins and the upcoming Windows on ARM launch.

“Graphics is more important than ever. Look for exciting news next week at the GPU Technology Conference as we reveal new ways that the GPU will enhance mobile and cloud computing,” he said.

----------------------------------------------------------------------------
                                       Q1 FY13   Q4 FY12   Q1 FY13   Q4 FY12

 (in millions except per share data)    GAAP      GAAP    NON-GAAP  NON-GAAP
----------------------------------------------------------------------------
Revenue                                 $924.9    $953.2    $924.9    $953.2
----------------------------------------------------------------------------
Gross margin                             50.1%     51.4%     50.4%     52.5%
----------------------------------------------------------------------------
Operating expenses                      $390.5    $367.7    $348.0    $325.2
----------------------------------------------------------------------------
Net income                               $60.4    $116.0     $97.5    $158.1
----------------------------------------------------------------------------
Earnings per share                       $0.10     $0.19     $0.16     $0.26
----------------------------------------------------------------------------

Outlook

Our outlook for the second quarter of fiscal 2013 is as follows:

--  Revenue is expected to be between $990 million and $1.05 billion.

--  GAAP gross margin is expected to be 51.2 percent, plus or minus one
    percentage point. Non-GAAP gross margin is expected to be 51.5
    percent, plus or minus one percentage point.

--  GAAP operating expenses are expected to be approximately $418 million.
    Non-GAAP operating expenses are expected to be approximately $354
    million.

    GAAP operating expenses for the second quarter are expected to
    include a one-time charge related to a corporate donation to Stanford
    Hospital of $25 million, payable over a 10-year period. We are joining
    Stanford's initiative, along with other corporations in the high-tech
    community, including Apple, eBay, HP, Intel, Intuit and Oracle, to
    build a leading-edge health care institution.

--  GAAP and non-GAAP tax rates are expected to be approximately 20
    percent, plus or minus one percent, for the second quarter and fiscal
    year, excluding any discrete tax events that may occur during the
    quarter, which, if realized, may increase or decrease our GAAP and
    non-GAAP tax rates. If the U.S. research tax credit is reinstated into
    tax law, we estimate our annual effective tax rate for the fiscal year
    2013 to be approximately 16 percent.

We estimate depreciation and amortization for the second quarter to be approximately $55 million to $57 million. Capital expenditures are expected to be in the range of $35 to $45 million.

Diluted shares for the second quarter are expected to be approximately 628 million.

First Quarter Fiscal 2013 and Recent Highlights:

--  NVIDIA launched its new Kepler(TM)-architecture GPUs to rave
    reviews. Products included the GeForce(R) GTX 670, GeForce GTX 680,
    the dual-GPU GeForce GTX 690, and the notebook range of GeForce 600M
    GPUs.

--  The first Ultrabook with an NVIDIA(R) GPU, the Acer Aspire Timeline
    M3, launched on March 6.

--  NVIDIA's first Tegra(R) 3 phone launched on Feb. 26, the HTC One X,
    to wide acclaim in the media. Tegra 3 phones are available from 22
    carriers in Europe and Asia.
----------------------------------------------------------------------------
                     GAAP Quarterly Financial Comparison
----------------------------------------------------------------------------
   (in millions except per share data)     Q1 FY13   Q4 FY12        Q/Q
----------------------------------------------------------------------------
Revenue                                     $924.9    $953.2         down 3%
----------------------------------------------------------------------------
Gross margin                                 50.1%     51.4%   down 1.3 p.p.
----------------------------------------------------------------------------
Operating expenses                          $390.5    $367.7         up 6.2%
----------------------------------------------------------------------------
Net income                                   $60.4    $116.0      down 47.9%
----------------------------------------------------------------------------
Earnings per share                           $0.10     $0.19      down 47.4%
----------------------------------------------------------------------------

---------------------------------------------------------------------
               Non-GAAP Quarterly Financial Comparison*
---------------------------------------------------------------------
(in millions except per share data)  Q1 FY13   Q4 FY12       Q/Q
---------------------------------------------------------------------
Revenue                               $924.9    $953.2        down 3%
---------------------------------------------------------------------
Gross margin                           50.4%     52.5%   down 2.1 p.p
---------------------------------------------------------------------
Operating expenses                    $348.0    $325.2          up 7%
---------------------------------------------------------------------
Net income                             $97.5    $158.1     down 38.3%
---------------------------------------------------------------------
Earnings per share                     $0.16     $0.26     down 38.5%
---------------------------------------------------------------------

* Non-GAAP earnings excluded stock-based compensation, amortization
of acquisition-related intangible assets, other acquisition-related
costs, a legal settlement in the fourth quarter of fiscal 2012, and
the tax impact associated with such items.
  • http://twitter.com/PackFanJason Jason

    Good. Now hopefully put some of that money into making their Tegra GPU not suck so much.

  • http://profiles.yahoo.com/u/PP2KC2NKYXJ5AUNAJWRZTBRPUA Matty G

    So, by my calculation, NVIDIA’s profit beat mine last year by roughly $60.4 million

  • Towelie420

    I just got the NP700G7C. This Samsung laptop is amazing. The Nvidia GTX 675M graphics processor is a beast. Couldn’t be happier.

  • Holden Hill

    Imagine what their profits would have been if there were actually any 600 series cards in stock anywhere.

    • Stephen D

      So true. I plan on picking up a 670 and a new monitor soon, as long as I can actually get a 670.

    • http://www.hammertechnologies.net/ Chase Johnson

      Yeah I ended up getting a 550 2gb because of this issue.