Monday, August 20, 2012

NVDA 2QF2013 Earnings

After the markets closed on August 9, NVIDIA posted its Q2 2013 results. The company reported EPS of 19 cents on a GAAP basis and 27 cents on a non-GAAP basis. Revenues came in at $1.04427 billion, and both EPS and revenue beat estimates of 14 cents for EPS and $1.01427 billion for revenues. NVIDIA outlook for the third quarter also topped estimates, with the company expecting revenues of $1.15 to $1.25 billion, ahead of the consensus of $1.09 billion. NVIDIA posted record Tegra sales in the quarter, growing them by 35.5% to $179.7 million. Tegra sales accounted for 17.21% of overall sales in Q2 2013, as opposed to 14.34% in Q1. Gross margin rose by 1.6% sequentially to 52%, while operating expenses dropped by 1.6% sequentially. Spending on R&D rose by over 13% to reach $281.193 million. NVIDIA's outlook for Q3 calls for GAAP operating expenses of $390 million, down sequentially from this quarter's $401.096 million in total GAAP operating expenses. Gross margin in Q3 should be down just slightly, to 51.8%.  The main thesis behind NVDA was that the company will be gaining market share in the mobile space. Our thesis remains intact and the outlook for the company remains positive

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