NVIDIA Reports Financial Results for First Quarter Fiscal Year 2011

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- Revenue grew 2 percent quarteronquarter to $1.0 billion
- GAAP net income increased to $137.6 million, or $0.23 per diluted share
- GAAP gross margin improved to 45.6 percent

NVIDIA (Nasdaq: NVDA) today reported revenue of $1.0 billion for the first quarter of fiscal 2011 ended May 2, 2010, up 2 percent from the prior quarter and up 51 percent from $664.2 million in the same period a year earlier.

On a GAAP basis, the company recorded net income of $137.6 million, or $0.23 per diluted share, for the first quarter of fiscal 2011. That compares with $131.1 million, or $0.23 per diluted share, in the previous quarter and a net loss of $201.3 million, or $0.37 per share, in the same period a year earlier.

Gross margin increased to 45.6 percent for the first quarter fiscal 2011 from 44.7 percent in the previous quarter and 28.6 percent in the same period a year earlier.

Please find attached a chart with the highlights of the quarterly results.

"With our new Fermiclass GPUs in full production, NVIDIA's key profit drivers are fully engaged," said Jen-Hsun Huang, NVIDIA CEO and president. "We shipped a few hundred thousand Fermi processors into strong consumer demand. Our Quadro business for workstations grew strongly, fueled by pent up demand from enterprise customers and new growth markets like video editing. And we had record revenue from Tesla processors for highend servers. We anticipate continued strength in these businesses over the coming quarters."

Outlook

The outlook for the second quarter of fiscal 2011 is as follows:

- Revenue is expected to be down seasonally 3 to 5 percent from the first quarter
- GAAP gross margin is expected to increase to 46 to 47 percent
- GAAP operating expenses are expected to be flat
- Tax rate of 12 to 14 percent, assuming a renewal of the U.S. R&D tax credit. Otherwise, tax rate of 14 to 16 percent.

First Quarter Fiscal 2011 Highlights:

- NVIDIA launched and shipped the GeForce GTX 480 and GeForce GTX 470, the first GPUs based on the company's Fermi architecture.
- The first phones using NVIDIA's Tegra processors shipped, the KIN ONE and KIN TWO from Microsoft.
- NVIDIA launched major new stereo 3D technologies, including NVIDIA 3DTV Play and the Quadro Digital Video Pipeline. Epic Games announced that it had incorporated 3D Vision into its popular Unreal Engine 3 game engine.
- CUDA registered another major success: Adobe started shipping Creative Suite 5 in April. This version of Adobe Premiere Pro exclusively uses CUDA to accelerate the new Adobe Mercury Playback Engine, which allows realtime previews for multilayer projects.
- NVIDIA began shipments of the GeForce 320M integrated chipset to Apple for incorporation into the latest 13inch MacBook Pro. The 320M delivers up to an 80 percent performance increase over the previous GeForce 9400M GPU. In addition, the new 15- and 17inch MacBook Pro both come standard with the new GeForce GT 330M.

CFO Commentary

Commentary on the quarter by David White, NVIDIA chief financial officer and executive vice president, is available at www.nvidia.com/investor.

NVIDIA GmbH

NVIDIA (Nasdaq: NVDA) awakened the world to the power of computer graphics when it invented the GPU in 1999. Since then, it has consistently set new standards in visual computing with breathtaking, interactive graphics available on devices ranging from tablets and portable media players to notebooks and workstations. NVIDIA¹s expertise in programmable GPUs has led to breakthroughs in parallel processing which make supercomputing inexpensive and widely accessible. The company holds more than 1,100 U.S. patents, including ones covering designs and insights which are fundamental to modern computing. For more information, see www.nvidia.com.

Certain statements in this press release including, but not limited to, statements as to: the strength of our businesses; and the Company¹s financial outlook for the second quarter of fiscal 2011; are forwardlooking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: our reliance on third parties to manufacture, assemble, package and test our products; global economic conditions; development of faster or more efficient technology; the impact of technological development and competition; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the reports NVIDIA files with the Securities and Exchange Commission, or SEC, including its Form 10-K for the fiscal year ended January 31, 2010. Copies of reports filed with the SEC are posted on the Company¹s website and are available from NVIDIA without charge. These forwardlooking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forwardlooking statements to reflect future events or circumstances.

Copyright © 2010. All rights reserved. NVIDIA, the NVIDIA logo, GeForce, Tesla, CUDA, Quadro, NVIDIA 3D VISION, NVIDIA 3D TV Play, Tegra, and Fermi are trademarks or registered trademarks of NVIDIA Corporation in the United States and other countries around the world. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.

NVIDIA hat mit der Einführung der Graphics Processing Unit (GPU) im Jahr 1999 einen Meilenstein in der Computergrafik gesetzt. Seit dieser Zeit hat NVIDIA kontinuierlich neue Standards im Bereich Visuelles Computing etabliert, etwa mit revolutionären Grafiklösungen für portable Mediaplayer, Notebooks und Workstations. NVIDIAs Expertise bei programmierbaren GPUs hat zu einem Durchbruch beim parallelen Computing geführt, der auch die Realisierung kostengünstiger Supercomputing-Lösungen ermöglicht. Das Fortune-Magazin listet NVIDIA an Position 1 im Bereich Innovation in der Halbleiterindustrie. Weitere Informationen unter www.nvidia.de.

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