NVIDIA Doubles Profits Without Breaking a Sweat
Nvidia more than doubled its bottom line in the third quarter, as sales of notebook graphics chips continue to catch fire. Nvidia rang up $1.12 billion in sales in the three months ended October 28, a 19% sequential increase that crushed the company’s own guidance of 5% to 7% growth as well as Wall Street’s expectation of $1.01 billion.
For the third quarter of fiscal 2008, revenue increased to a record $1.12 billion compared to $820.6 million for the third quarter of fiscal 2007, an increase of 36 percent. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the third quarter of fiscal 2008 was a record $235.7 million, or $0.38 per diluted share, an increase of 121 percent compared to the third quarter of fiscal 2007. GAAP gross margin improved by 550 basis points from a year ago to a record 46.2 percent.
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