NVIDIA Reports Financial Results for First Quarter Fiscal 2011
SANTA CLARA, Calif. — NVIDIA (Nasdaq: NVDA) today reported revenue of $1.0 billion for the first quarter of fiscal 2011 ended May 2, 2010, up 2 percent from the prior quarter and up 51 percent from $664.2 million in the same period a year earlier.On a GAAP basis, the company recorded net income of $137.6 million, or $0.23 per diluted share, for the first quarter of fiscal 2011. That compares with $131.1 million, or $0.23 per diluted share, in the previous quarter and a net loss of $201.3 million, or $0.37 per share, in the same period a year earlier.
Gross margin increased to 45.6 percent for the first quarter fiscal 2011 from 44.7 percent in the previous quarter and 28.6 percent in the same period a year earlier.
"With our new Fermi-class GPUs in full production, NVIDIA's key profit drivers are fully engaged," said Jen-Hsun Huang, NVIDIA CEO and president. "We shipped a few hundred thousand Fermi processors into strong consumer demand. Our Quadro business for workstations grew strongly, fueled by pent up demand from enterprise customers and new growth markets like video editing. And we had record revenue from Tesla processors for high-end servers. We anticipate continued strength in these businesses over the coming quarters."The full report is avaialble here.
This is nice but I do not see this continuing as AMD will release fusion and depending on how the Intel trial settles with regard to the chipset business this will play a factor on earnings from here on out.
I do wish them the best and hope they stay around as competition is good to keep AMD pushing innovation. But I do see NVDA stock settling around $9 a share.
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