Santa Clara, California-based graphics chipmaker
on Thursday reported a 64 percent increase in revenue, but lower than expected profit due to write-downs on some of the company’s products. Nvidia also ended its four-month search for a chief financial officer with the appointment of Marvin D. Burkett.
For the second quarter of fiscal 2003 ended July 28, 2002, Nvidia reported revenues of $427.3 million; this compares to revenues of $259.9 million for the second quarter of fiscal 2002.
Actual net income for the second quarter of fiscal 2003 was $5.3 million, or $0.03 per diluted share, which includes write-downs of certain Xbox and nForce products. This compares to actual net income of $32.9 million, or $0.19 per diluted share, for the second quarter of fiscal 2002.
Analysts surveyed by Thompson/First Call expected the company to report $0.13 per share before the write-offs — Nvidia did not report net income before write-offs.
“Despite the market challenges we faced in the second quarter, we grew our business 64 percent year-over-year,” said Jen-Hsun Huang, president and CEO of Nvidia, in a statement. “Though we approach the short term with caution, longer term, we remain very excited about our business.”
In a separate announcement on Thursday, Nvidia appointed Marvin D. Burkett as company chief financial officer. Burkett is a 34-year semiconductor veteran, and previously spent 26 years as corporate controller and then senior vice president and CFO at Advanced Micro Devices Inc.
Nvidia shares fell in after-hours trading to $9.86 after closing the day at $10.29 on Nasdaq.