Graphics chipmaker Nvidia Corp. has announced record earnings and revenues for the second quarter of fiscal 2002, which ended on July 29. They’ve also announced plans to do a two-for-one stock split later this month.
Nvidia reports that for the second quarter, revenues increased to US$260.3 million, almost $90 million more than the same quarter last year. Pro forma operating income for the second quarter was $50.1 million, compared with $29.0 million for Q2 of FY2001. Pro forma net income likewise increased this quarter, to $36.9 million compared to $22.5 million for the same quarter last year.
Nvidia president and CEO Jen-Hsun Huang said that his company’s second quarter results show the strength of its product line and the continued momentum it continues to exhibit.
“The successful entry into our new markets is now beginning to have a complimentary effect on our business growth. And as we prepare to enter two of the largest and most dynamic markets, platform processors and consumer electronics this fall, we are well positioned to take our business to the next level,” said Huang.
Nvidia moved into the Mac market for the first time this year, with the introduction of Apple-made graphics cards featuring both Nvidia’s mainstream GeForce2 MX and high-end GeForce3 chip. Nvidia has even unseated long time Apple graphics chip and card supplier ATI as the stock hardware included in Apple’s line of Power Mac G4 systems. Until last December, ATI hardware was standard equipment in those systems, as it is throughout the rest of Apple’s product line. Since January, the company has kept a steady presence in the Mac market, using the February Macworld Expo event in Tokyo to debut its GeForce3 hardware to the world, and even sporting a booth on the show floor at this past July’s Macworld Expo in New York.
In other Nvidia related news, the company has announced plans to make a two-for-one stock split of common stock. Nvidia’s board of directors has approved a plan to effect the split at the close of business on August 28. Nvidia reported that the additional shares should be distributed by the transfer agent on around September 11, 2001. After the split is completed, Nvidia will have about 143 million shares of common stock outstanding.