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Strong Product Leadership Drives 13.5 Percent Quarter-Over-Quarter Revenue Growth
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FOR IMMEDIATE RELEASE
SANTA CLARA, CA – August 7, 2003 – NVIDIA® Corporation (Nasdaq: NVDA) today reported financial results for the second quarter of fiscal 2004 ended July 27, 2003.
For the second quarter of fiscal 2004, revenue increased to $459.8 million, compared to $427.3 million for the second quarter of fiscal 2003, an increase of 8 percent. Net income for the second quarter of fiscal 2004 was $24.2 million, or $0.14 per diluted share, compared to net income of $5.3 million, or $0.03 per diluted share, for the second quarter of fiscal 2003.
Revenue for the six months ended July 27, 2003 was $864.8 million, compared to revenue of $1.01 billion for the six months ended July 28, 2002. Net income for the six months ended July 27, 2003 was $43.9 million, or $0.26 per diluted share, compared to net income of $88.5 million, or $0.51 per diluted share, for the six months ended July 28, 2002.
“The broad adoption of our new FX family of GPUs in the desktop, notebook, workstation, and media center segments is driving our revenue growth,” stated Jen-Hsun Huang, president and CEO of NVIDIA. “The FX GPUs were designed to bring Cinematic Computing to every platform and segment we serve, and as a result, NVIDIA has the strongest GPU offering available in the market today.”
“Earlier this week, we announced our acquisition of MediaQ, the leading provider of graphics and multimedia technology for wireless mobile devices,” added Huang. “With our combined strengths, we are in a terrific position to deliver rich media experiences in the three most important visual computing platforms – personal computers, digital consumer electronics and handhelds.”
NVIDIA will conduct a conference call with analysts and investors to discuss its second quarter fiscal 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 website 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 third quarter fiscal 2004.
NVIDIA Corporation is a market leader in visual computing technology 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 1,600 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 second quarter of fiscal 2004, 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 April 25, 2003, particularly those sections entitled "Business Risks," for a fuller discussion of these and other risks and uncertainties.
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