NVIDIA Announces Financial Results for First Quarter Fiscal 2017

SANTA CLARA, CA -- (Marketwired) -- May 12, 2016 -- NVIDIA (NASDAQ: NVDA)

  • Revenue of $1.30 billion, up 13 percent from a year ago -- growth across all platforms
  • GAAP EPS of $0.33, up 38 percent from a year ago. Non-GAAP EPS of $0.46, up 39 percent
  • Sharply growing customer engagements in deep learning

NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended May 1, 2016, of $1.30 billion, up 13 percent from $1.15 billion a year earlier, and down 7 percent from $1.40 billion in the previous quarter.

GAAP earnings per diluted share for the quarter were $0.33, up 38 percent from $0.24 a year ago and down 6 percent from $0.35 in the previous quarter. Non-GAAP earnings per diluted share were $0.46, up 39 percent from $0.33 a year earlier and down 12 percent from $0.52 in the previous quarter.

"We are enjoying growth in all of our platforms -- gaming, professional visualization, datacenter and auto," said Jen-Hsun Huang, co-founder and chief executive officer, NVIDIA. "Accelerating our growth is deep learning, a new computing model that uses the GPU's massive computing power to learn artificial intelligence algorithms. Its adoption is sweeping one industry after another, driving demand for our GPUs.

"Our new Pascal GPU architecture will give a giant boost to deep learning, gaming and VR. We are excited to bring a new wave of innovations to the markets we serve. Pascal processors are in full production and will be available later this month," he said.

Capital Return
During the first quarter, NVIDIA entered into a $500 million accelerated share repurchase agreement and paid $62 million in quarterly cash dividends.

For fiscal 2017, NVIDIA intends to return approximately $1.0 billion to shareholders through ongoing quarterly cash dividends and share repurchases.

NVIDIA will pay its next quarterly cash dividend of $0.115 per share on June 20, 2016, to all shareholders of record on May 26, 2016.

Q1 FY2017 Summary

----------------------------------------------------------------------------
                                    GAAP                                    
----------------------------------------------------------------------------
($ in millions except earnings                                              
 per share)                     Q1 FY17  Q4 FY16  Q1 FY16    Q/Q      Y/Y   
----------------------------------------------------------------------------
Revenue                          $1,305   $1,401   $1,151  Down 7%    Up 13%
----------------------------------------------------------------------------
Gross margin                      57.5%    56.5%    56.7%   Up 100 Up 80 bps
                                                               bps          
----------------------------------------------------------------------------
Operating expenses                 $506     $539     $477  Down 6%     Up 6%
----------------------------------------------------------------------------
Operating income                   $245     $252     $176  Down 3%    Up 39%
----------------------------------------------------------------------------
Net income                         $196     $207     $134  Down 5%    Up 46%
----------------------------------------------------------------------------
Diluted earnings per share        $0.33    $0.35    $0.24  Down 6%    Up 38%
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
                                  Non-GAAP                                  
----------------------------------------------------------------------------
($ in millions except                                                       
 earnings per share)       Q1 FY17   Q4 FY16   Q1 FY16     Q/Q        Y/Y   
----------------------------------------------------------------------------
Revenue                      $1,305    $1,401    $1,151   Down 7%     Up 13%
----------------------------------------------------------------------------
Gross margin                  58.6%     57.2%     56.9%    Up 140 Up 170 bps
                                                              bps           
----------------------------------------------------------------------------
Operating expenses             $443      $445      $425        --      Up 4%
----------------------------------------------------------------------------
Operating income               $322      $356      $231  Down 10%     Up 39%
----------------------------------------------------------------------------
Net income                     $263      $297      $187  Down 11%     Up 41%
----------------------------------------------------------------------------
Diluted earnings per          $0.46     $0.52     $0.33  Down 12%     Up 39%
 share                                                                                                        
----------------------------------------------------------------------------
 

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