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FOR IMMEDIATE RELEASE:
SANTA CLARA, CA. – MAY 8, 2003 – NVIDIA Corporation (Nasdaq: NVDA) today reported financial results for the first quarter of fiscal 2004.
For the first quarter of fiscal 2004, revenue was $405.0 million, compared to $582.9 million for the first quarter of fiscal 2003. Net income for the first quarter of fiscal 2004 was $19.7 million, or $0.12 per diluted share, compared to net income of $83.2 million, or $0.47 per diluted share, for the first quarter of fiscal 2003.
“Our key objective for the quarter was to ramp into production our new family of DX9-generation GPUs and bring cinematic computing to the mass market,” stated Jen-Hsun Huang, president and CEO of NVIDIA. “We absolutely delivered by deploying the FX architecture simultaneously into our desktop, mobile and workstation product lines. In addition, our NVIDIA nForce™ 2 and new NVIDIA nForce 3 platform processors are changing the competitive landscape in the core logic market place. And most importantly, our increased market share demonstrates the strength of the NVIDIA brand and our customers’ demand for NVIDIA products on any platform.”
NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal year 2004 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 web site at http://www.nvidia.com/ir. A live web cast (listen-only mode) of the conference call will be held at the NVIDIA investor relations web site and at http://www.streetevents.com. The web cast will be recorded and available for replay until the Company’s conference call to discuss its financial results for its second quarter fiscal 2004.
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 game consoles. NVIDIA is headquartered in Santa Clara, California and employs more than 1,500 people worldwide. For more information, visit the company’s web site at www.nvidia.com.
Certain statements in this press release regarding earnings in the first quarter of fiscal 2004, including the statements relating to the Company's expectations for NVIDIA's family of products and market position, 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 April 25, 2003, particularly those sections entitled "Business Risks," for a fuller discussion of these and other risks and uncertainties.
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