NVIDIA Reports Revenues and Earnings for Second Quarter Fiscal Year 2003
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.
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