NVIDIA $151.6 million fiscal Q2 2012 profit

It is always interesting to see how well the big companies do during times of crisis. NVIDIA announced revenue of $1.02 billion and net income of $151.6 million for its fiscal Q2 2012. Adjusted income came in at 32 cents per share, while analysts had anticipated earnings of 25 cents per share on revenue of $1 billion. NVIDIA is up 18.79 percent in after-hours trading to $15.93.

NVIDIA (NASDAQ: NVDA) today reported revenue of $1.02 billion for the second quarter of fiscal 2012 ended July 31, 2011, up 5.7 percent from the prior quarter, and up 25.3 percent from $811.2 million in the same period a year earlier.

On a GAAP basis, the company recorded net income of $151.6 million, or $0.25 per diluted share, for the second quarter of fiscal 2012. This includes a two-cent dilutive impact from the Icera acquisition. It compares with net income of $135.2 million, or $0.22 per diluted share, in the prior quarter. In the same period a year earlier, the company had a net loss of $141.0 million, or $0.25 per diluted share.

On a non-GAAP basis -- which excludes stock-based compensation, amortization of acquisition-related intangible assets, other acquisition related costs, and the tax impact associated with these items -- net income was $193.5 million, or $0.32 per diluted share. That compares with net income of $165.7 million, or $0.27 per diluted share, in the prior quarter, and net income of $47.6 million, $0.08 per share, in the same period a year earlier.

GAAP gross margin was 51.7 percent, a fourth consecutive record, compared with 50.4 percent in the previous quarter and 16.6 percent in the same period a year earlier. Non-GAAP gross margin, at 51.9 percent, was also a record, and compares with 50.6 percent in the prior quarter and 39.2 percent in the same period a year earlier.

"We grew solidly this quarter," said Jen-Hsun Huang, NVIDIA president and chief executive officer. "Consumer demand for notebooks powered by our GeForce GPU, with its unique Optimus technology, resulted in record revenue for these products.

"The future of computing is mobile and visual. With Tegra's momentum and our growing GPU businesses, we are ideally positioned to lead the industry forward," he said.

Our outlook for the third quarter of fiscal 2012 is as follows:

• Revenue is expected to be up 4 to 6 percent from the second quarter
• GAAP and non-GAAP gross margins are expected to be flat
• GAAP operating expenses are expected to be in the range of $361 million to $366 million; non-GAAP operating expenses are expected to be $319 million to $321 million
• Our GAAP and non-GAAP tax rates are both expected to be 15 to 17 percent

We estimate depreciation and amortization for the second quarter to be approximately $53 million to $57 million. Capital expenditures are expected to be in the range of $25 to $35 million. Diluted shares for the third quarter are expected to be approximately 615 million.