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Thursday, May 08, 2014
Nvidia Details Financial Results For First Q Fiscal 2015

NVIDIA today provided more details about its financial results or the first quarter of fiscal 2015, ended April 27, 2014, following last week's report, which was released earlier as a preliminary draft had been inadvertently emailed to an internal distribution list.

Figures contained in last week's release are unchanged -- NVIDIA reported revenue of $1.103 billion, up 16 percent from a year earlier and down 4 percent from $1.144 billion in the previous quarter.

Non-GAAP earnings for the quarter were 29 cents a share.

"First quarter results benefited from gains in PC gaming and our continued progress in the data center and cloud," said Jen-Hsun Huang, president and chief executive officer of NVIDIA. "Nearly 600 enterprises worldwide are now evaluating GRID, our virtual GPU server platform. VMware announced support for GRID to enable GPU-accelerated enterprise virtualization. And with IBM, Dell and HP now selling our GPUs in their high-volume servers, we expect large-scale data centers to be a significant source of growth."

Revenue for the first quarter of fiscal 2015 reflects strength in Nvidia's GPU sales for GeForce GTX desktop, as well as NVIDIA GRID and Tesla for datacenter and high performance computing, along with Tegra Processor sales for mobile devices and automobile infotainment systems. Nvidia said that the sequential decline of 4 percent represents a seasonal volume decrease in our desktop and notebook GPUs, partially offset by continued strong demand for high ‐ end GTX GeForce desktop and notebook GPUs. Tegra Processor sales also increased sequentially, led by auto infotainment systems and embedded devices.

During the first quarter of fiscal 2015, Nvidia's GPU business grew year over year to $898 million, up $112 million or 14 percent. High ‐ end GeForce GTX GPUs for desktops and notebooks grew 57 percent, fueled by continued demand for gaming GPUs and the newly released GeForce GTX 750 series, Nvidia's first Maxwell ‐ based GPUs. Desktop GPU demand was strong in all key markets, including China, the U.S., and Europe. Revenue from notebook GPUs decreased as overall notebook shipments contracted; however, high ‐ end notebook GPU volume grew, reflecting continued demand for gaming notebooks. Quadro revenue increased amid demand from designs in all major OEM desktop and mobile workstations. GRID sales were up strongly from the prior year’s initial quarter of sales. Tesla for high performance computing was up as a result of some large wins.

Nvidia's GPU business declined 5 percent, or $49 million, sequentially. Continued strength in the GeForce GTX GPU sales for the gaming segment was more than offset by seasonal decline in desktop market. Notebook GPUs fell in line with the overall market for notebooks and manufacturers’ mix changes. Tesla and GRID revenue was driven by continued GPU acceleration opportunities, VDI deployments supporting Citrix, as well as streaming gaming with service providers. The Tegra Processor business grew 35 percent year over year, led by increased volumes for mobile and auto infotainment systems. Increased Tegra mobile sales were driven by strong growth in smartphone SOCs, partially offset by stronger volumes of Android tablet SOCs in the prior year quarter. Revenue from Tegra processors for automobiles grew over 60 percent, while revenue associated with game consoles and embedded devices decreased . The sequential growth of 6 percent in Tegra Processor business was led primarily by increased volumes for auto infotainment systems and embedded devices. License revenue from Nvidia's patent license agreement with Intel was $66 million.

For the second quarter of fiscal 2015, Nvidia expects its revenue is expected to be $1.1 billion, plus or minus two percent. GAAP and non-GAAP margins are expected to be approximately 53.7 percent and 54.0 percent, respectively.

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