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Successful Market Expansion Drives 64 Percent Year-Over-Year Revenue Growth
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SANTA CLARA, CA. – August 15, 2002 – NVIDIA® Corporation (Nasdaq: NVDA) today reported revenues and earnings for the second quarter of fiscal 2003 ended July 28, 2002.
For the second quarter of fiscal 2003, revenues increased to $427.3 million, compared to $259.9 million for the second quarter of fiscal 2002, an increase of 64 percent. Actual net income for the second quarter of fiscal 2003 was $5.3 million, or $0.03 per diluted share, compared to actual net income of $32.9 million, or $0.19 per diluted share, for the second quarter of fiscal 2002. Actual net income for the second quarter of fiscal 2003 includes the additional write-down of certain Xbox and nForceTM products.
Revenues for the six months ended July 28, 2002 was $1.01 billion, an increase of 102 percent compared to revenues of $500.8 million for the six months ended July 29, 2001. Actual net income for the six months ended July 28, 2002 was $88.5 million, or $0.51 per diluted share, compared to actual net income of $59.6 million, or $0.35 per diluted share, for the six months ended July 29, 2001.
“Despite the market challenges we faced in the second quarter, we grew our business 64 percent year-over-year,” stated Jen-Hsun Huang, president and CEO of NVIDIA. “During the quarter, we continued to advance our strategic position in each of the markets we serve. As demonstrated with our newly introduced nForce2 platform processors, we continue to successfully leverage our industry-acclaimed GeForce4 architecture throughout each of our product families.”
Huang added, “Though we approach the short term with caution, longer term, we remain very excited about our business. The introduction and launch of Cg, the industry’s first high-level graphics language, will make cutting-edge 3D effects more accessible to all software programmers. Cg is the foundation of our next generation cinematic GPUs and will usher in a new era in computer graphics.”
NVIDIA will conduct a conference call with analysts and investors to discuss its second quarter fiscal 2003 financial results and current financial prospects today at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time). To listen to the call, please visit the Investor Relations section of the NVIDIA website at http://www.nvidia.com/ir. A live web cast (listen-only mode) of the conference call will be at the NVIDIA investor relations website and at http://www.streetevents.com. The web cast will be recorded and available for replay until August 22, 2002.
NVIDIA Corporation is a visual computing technology and market leader dedicated to creating products that enhance the interactive experience on consumer and professional computing platforms. Its graphics and communications processors have broad market reach and are incorporated into a wide variety of computing platforms, including consumer digital-media PCs, enterprise PCs, professional workstations, digital content creation systems, notebook PCs, military navigation systems and video games consoles. NVIDIA is headquartered in Santa Clara, California and employs more than 1,400 people worldwide. For more information, visit the company’s website at www.nvidia.com.
Certain statements in this press release regarding earnings in the second quarter of fiscal 2003, including the statements relating to the Company's expectations for NVIDIA's family of products and expectations of market position and growth, are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Such risks and uncertainties include, but are not limited to, manufacturing and other delays relating to new products, difficulties in the fabrication process and dependence of the Company on third-party manufacturers, general industry trends including cyclical trends in the PC and semiconductor industries, manufacturing costs and the pricing of components such as memory, the impact of competitive products and pricing alternatives, changes in industry standards and interfaces, market acceptance of the Company's new products, the Company's dependence on third-party developers and publishers and the impact of litigation and other proceedings. Investors are advised to read the Company's Annual Report on Form 10-K filed on May 14, 2002, particularly those sections entitled "Business Risks," for a fuller discussion of these and other risks and uncertainties.
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