Summary
NVIDIA Corporation (NVDA) reported its first-quarter results for the period ending April 27, 2003. The company experienced a significant year-over-year decline in revenue, dropping from $582.9 million in Q1 2002 to $405.0 million in Q1 2003. This revenue decrease led to a substantial impact on profitability, with net income falling from $83.2 million in the prior year to $19.7 million in the current quarter. Basic earnings per share decreased from $0.55 to $0.12, and diluted earnings per share from $0.47 to $0.12. Despite the downturn in revenue and earnings, NVIDIA maintained a strong liquidity position, with cash and cash equivalents totaling $278.8 million and marketable securities at $771.5 million. The company also saw an increase in inventories and a substantial rise in accounts payable, suggesting potential shifts in supply chain management or supplier terms. Management's discussion will likely provide further context on the factors driving these financial shifts.
Key Highlights
- 1Revenue decreased significantly year-over-year, from $582.9 million in Q1 2002 to $405.0 million in Q1 2003.
- 2Net income saw a substantial decline, from $83.2 million in Q1 2002 to $19.7 million in Q1 2003.
- 3Basic EPS fell from $0.55 to $0.12, and diluted EPS from $0.47 to $0.12, year-over-year.
- 4Cash and cash equivalents stood at $278.8 million as of April 27, 2003, down from $347.0 million at the end of the previous fiscal year.
- 5Marketable securities increased to $771.5 million from $681.4 million.
- 6Inventories rose to $165.8 million from $145.0 million.
- 7Accounts payable increased significantly to $234.4 million from $141.1 million.