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Guru3D.com » News » NVIDIA Announces Financial Results for Third Quarter Fiscal 2019

NVIDIA Announces Financial Results for Third Quarter Fiscal 2019

by Hilbert Hagedoorn on: 11/16/2018 09:36 AM | source: | 8 comment(s)
NVIDIA Announces Financial Results for Third Quarter Fiscal 2019

NVIDIA today reported revenue for the third quarter ended Oct. 28, 2018, of $3.18 billion, up 21 percent from $2.64 billion a year earlier, and up 2 percent from $3.12 billion in the previous quarter. 

GAAP earnings per diluted share for the quarter were $1.97, up 48 percent from $1.33 a year ago and up 12 percent from $1.76 in the previous quarter. Non-GAAP earnings per diluted share were $1.84, up 38 percent from $1.33 a year earlier and down 5 percent from $1.94 in the previous quarter. 

“AI is advancing at an incredible pace across the world, driving record revenues for our datacenter platforms,” said Jensen Huang, founder and CEO of NVIDIA. “Our introduction of Turing GPUs is a giant leap for computer graphics and AI, bringing the magic of real-time ray tracing to games and the biggest generational performance improvements we have ever delivered. “Our near-term results reflect excess channel inventory post the crypto-currency boom, which will be corrected. Our market position and growth opportunities are stronger than ever. During the quarter, we launched new platforms to extend our architecture into new growth markets – RAPIDS for machine learning, RTX Server for film rendering, and the T4 Cloud GPU for hyperscale and cloud.”

Capital Return
During the first nine months of fiscal 2019, NVIDIA returned $1.13 billion to shareholders through a combination of $855 million in share repurchases and $273 million in quarterly cash dividends. In November 2018, the board of directors authorized an additional $7 billion under the company’s share repurchase program for a total of $7.94 billion available through the end of December 2022.

NVIDIA announced a 7 percent increase in its quarterly cash dividend to $0.16 per share from $0.15 per share, to be paid with its next quarterly cash dividend on December 21, 2018, to all shareholders of record on November 30, 2018. NVIDIA intends to return an additional $3 billion to shareholders by the end of fiscal 2020, which may begin in the fourth quarter of fiscal 2019.   

 

Q3 Fiscal 2019 Summary

GAAP
($ in millions except earnings per share) Q3 FY19 Q2 FY19 Q3 FY18 Q/Q Y/Y
Revenue $3,181 $3,123 $2,636 Up 2% Up 21%
Gross margin 60.4% 63.3% 59.5% Down 290 bps Up 90 bps
Operating expenses $863 $818 $674 Up 6% Up 28%
Operating income $1,058 $1,157 $895 Down 9% Up 18%
Net income $1,230 $1,101 $838 Up 12% Up 47%
Diluted earnings per share $1.97 $1.76 $1.33 Up 12% Up 48%

 

Non-GAAP
($ in millions except earnings per share) Q3 FY19 Q2 FY19 Q3 FY18 Q/Q Y/Y
Revenue $3,181 $3,123 $2,636 Up 2% Up 21%
Gross margin 61.0% 63.5% 59.7% Down 250 bps Up 130 bps
Operating expenses $730 $692 $570 Up 5% Up 28%
Operating income $1,210 $1,290 $1,005 Down 6% Up 20%
Net income $1,151 $1,210 $833 Down 5% Up 38%
Diluted earnings per share $1.84 $1.94 $1.33 Down 5% Up 38%
 

NVIDIA’s outlook for the fourth quarter of fiscal 2019 is as follows:

  • Revenue is expected to be $2.70 billion, plus or minus 2 percent.
  •  GAAP and non-GAAP gross margins are expected to be 62.3 percent and 62.5 percent, respectively, plus or minus 50 basis points.
  •  GAAP and non-GAAP operating expenses are expected to be approximately $915 million and $755 million, respectively.
  •  GAAP and non-GAAP other income and expense are both expected to be income of approximately $21 million.
  •  GAAP and non-GAAP tax rates are both expected to be 8 percent, plus or minus 1 percent, excluding any discrete items. GAAP discrete items include excess tax benefits or deficiencies related to stock-based compensation, which are expected to generate variability on a quarter by quarter basis.






« AMD announces new Raise the Game bundle · NVIDIA Announces Financial Results for Third Quarter Fiscal 2019 · Star Citizen will be free to play November 23-30 »

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D3M1G0D
Senior Member



Posts: 2068
Joined: 2017-03-10

#5607945 Posted on: 11/16/2018 03:04 PM
A massive earnings miss for Nvidia. Revenue was $3.18bn vs $3.24bn expected and forecast was $2.7bn vs $3.4bn expected. Stock tanked 17% after hours.

It seems that Nvidia badly miscalculated the crypto currency boom and overproduced Pascal cards. They are now sitting on an enormous number of mid-range Pascal GPUs which will take a couple of quarters to wind down, impacting their projected earnings to the tune of $700 million (Huang also threw AMD under the bus, tanking their stock as well).

I guess we see now why Nvidia is in no rush to release a new mid-range GPU.

scoter man1
Senior Member



Posts: 4859
Joined: 2008-12-09

#5607996 Posted on: 11/16/2018 05:08 PM
Serves Ngreedia right.

alanm
Senior Member



Posts: 11142
Joined: 2004-05-10

#5608197 Posted on: 11/17/2018 09:56 AM
Nvidia stock after the announcement.



After the bell on Thursday, chipmaker Nvidia (NVDA) saw its shares plunge 15% after the company's fiscal third quarter report. While the company beat on the bottom line and increased its capital return plan for shareholders, revenues missed and guidance was abysmal. For the near term, the company's growth is gone, meaning this name is no longer a street darling...

https://seekingalpha.com/article/4222971-nvidia-plunges-growth-gone

jbmcmillan
Senior Member



Posts: 2763
Joined: 2002-11-28

#5608343 Posted on: 11/18/2018 02:05 AM
Title says 2019.

D3M1G0D
Senior Member



Posts: 2068
Joined: 2017-03-10

#5608380 Posted on: 11/18/2018 05:40 AM
After the bell on Thursday, chipmaker Nvidia (NVDA) saw its shares plunge 15% after the company's fiscal third quarter report. While the company beat on the bottom line and increased its capital return plan for shareholders, revenues missed and guidance was abysmal. For the near term, the company's growth is gone, meaning this name is no longer a street darling...

IMO, investors placed too high a price on the stock. After all, the crypto crash was well known but I think investors simply brushed it off and expected too much from the company (the same goes for AMD). I agree that the short-term outlook isn't as good as it once was, but the long-term outlook is still solid (again, the same goes for AMD ;)).

Title says 2019.

Believe it or not, that's not a typo. Nvidia's own site shows it as 2019..

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