NVIDIA Beats Q1 EPS Expectations
NVIDIA Corporation (NASDAQ: NVDA) reported financial results for the first quarter ended April 26, 2015.
Revenue came in at $1.15 billion, up 4 percent from $1.10 billion a year earlier.
Non-GAAP earnings per diluted share were $0.33, up 14 percent from $0.29 a year earlier and down 23 percent from $0.43 in the previous quarter.
The Estimize consensus was for EPS of $0.31 on revenue of $1.178 billion.
The Wall Street consensus was for EPS of $0.26 on revenue of $1.162 billion.
The company reported a record GAAP gross margin of 56.7 percent, up from 54.8 percent in the year-ago period.
GAAP earnings per diluted share for the quarter were $0.24, unchanged from $0.24 a year earlier and down 31 percent from $0.35 in the previous quarter.
"The importance of visual computing is evident all around us," said Jen-Hsun Huang, president and chief executive officer of NVIDIA. "Our expertise in this field enables us to take a leading position to advance deep learning, virtual reality and self-driving cars.
NVIDIA announced on May 5, 2015, that it will wind-down its Icera modem operations in the second quarter of fiscal 2016. It was open to a sale of the technology or operations and estimated that it will recognize restructuring charges in the range of $100 million to $125 million, primarily during fiscal 2016.
NVIDIA's outlook for the second quarter of fiscal 2016 included revenue of $1.01 billion, plus or minus two percent.
Q2 GAAP and non-GAAP gross margins were expected to be 55.7 percent and 56.0 percent, respectively, plus or minus 50 basis points.
Q2 GAAP operating expenses were expected to be approximately $474 million; non-GAAP operating expenses are expected to be approximately $425 million.
The above GAAP outlook amounts excluded restructuring charges, which were expected to be in the range of $100 million to $125 million, primarily during fiscal 2016.
NVIDIA traded at $22.02 in the pre-market session, down 2 percent.
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