NVIDIA announced its first quarter 2009 financial results, the company saw its revenue decline 42 percent year-over-year to $664.2 million and recorded a GAAP net loss of $201.3 million, although $140.2 million of this is a non-recurring charge related to a cash tender offer to purchase employee stock options.
The good news is revenue grew 38 percent sequentially from Q4 2008 and that inventory decreased from 144 to 64 days. Furthermore, the graphics chip maker also beat Wall Street expectations, as analysts were betting on a loss of 11 cents per share on a revenue of $514.7 million.
For the first quarter of 2009, revenue was $664.2 million compared with $1.2 billion for the first quarter of 2008, a decrease of 42 percent.
During the first quarter of 2009, NVIDIA recorded a non-recurring charge of $140.2 million in connection with a previously announced cash tender offer to purchase employee stock options. This charge represents stock-based compensation expense associated with the stock options that were tendered, plus associated payroll taxes and professional fees.
NVIDIA's results for the first quarter of 2009, computed in accordance with U.S. generally accepted accounting principles (GAAP), included a net loss of $201.3 million, or $0.37 per share. Non-GAAP net loss for the first quarter of 2009, which excludes recurring stock-based compensation charges, the non-recurring charge related to the tender offer, and the associated tax impact of these items, was $46.7 million, or $0.09 per share.
"We made good progress managing expenses and significantly reducing inventory, while continuing to invest in our growth strategies," said Jen-Hsun Huang, president and CEO of NVIDIA. "The GPU is ever-more central to our computing experience. There is a rapidly growing number of applications that rely on the GPU, and the industry is gearing up to launch the next generation operating systems that adopt GPU computing."
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