NVIDIA Announces Financial Results for Second Quarter Fiscal 2020

August 15, 2019

Aug. 15 — NVIDIA today reported revenue for the second quarter ended July 28, 2019, of $2.58 billion compared with $3.12 billion a year earlier and $2.22 billion in the previous quarter.

GAAP earnings per diluted share for the quarter were $0.90, compared with $1.76 a year ago and $0.64 in the previous quarter. Non-GAAP earnings per diluted share were $1.24 compared with $1.94 a year earlier and $0.88 in the previous quarter.

“We achieved sequential growth across our platforms,” said Jensen Huang, founder and CEO of NVIDIA. “Real-time ray tracing is the most important graphics innovation in a decade. Adoption has reached a tipping point, with NVIDIA RTX leading the way.

“NVIDIA accelerated computing momentum continues to build as the industry races to enable the next frontier in artificial intelligence, conversational AI, as well as autonomous systems like self-driving vehicles and delivery robots,” he said.

NVIDIA will pay its next quarterly cash dividend of $0.16 per share on September 20, 2019, to all shareholders of record on August 29, 2019. The first priority for the company’s cash balance is the purchase of Mellanox Technologies, Ltd. The company will return to repurchasing its stock after the close of the Mellanox acquisition. The regulatory approval process for this acquisition is progressing as expected, and NVIDIA continues to work toward closing the deal by the end of this calendar year.

Q2 Fiscal 2020 Summary

GAAP
($ in millions, except earnings per share) Q2 FY20 Q1 FY20 Q2 FY19 Q/Q Y/Y
Revenue $2,579 $2,220 $3,123 Up 16% Down 17%
Gross margin 59.8% 58.4% 63.3% Up 140 bps Down 350 bps
Operating expenses $970 $938 $818 Up 3% Up 19%
Operating income $571 $358 $1,157 Up 59% Down 51%
Net income $552 $394 $1,101 Up 40% Down 50%
Diluted earnings per share $0.90 $0.64 $1.76 Up 41% Down 49%

 

Non-GAAP
($ in millions, except earnings per share) Q2 FY20 Q1 FY20 Q2 FY19 Q/Q Y/Y
Revenue $2,579 $2,220 $3,123 Up 16% Down 17%
Gross margin 60.1% 59.0% 63.5% Up 110 bps Down 340 bps
Operating expenses $749 $753 $692 Down 1% Up 8%
Operating income $802 $557 $1,290 Up 44% Down 38%
Net income $762 $543 $1,210 Up 40% Down 37%
Diluted earnings per share $1.24 $0.88 $1.94 Up 41% Down 36%

NVIDIA’s outlook for the third quarter of fiscal 2020 is as follows:

  • Revenue is expected to be $2.90 billion, plus or minus 2 percent.
  • GAAP and non-GAAP gross margins are expected to be 62.0 percent and 62.5 percent, respectively, plus or minus 50 basis points.
  • GAAP and non-GAAP operating expenses are expected to be approximately $980 million and $765 million, respectively.
  • GAAP and non-GAAP other income and expense are both expected to be income of approximately $25 million.
  • GAAP and non-GAAP tax rates are both expected to be 10 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.

Highlights

Since the end of the first quarter of fiscal 2020, NVIDIA has achieved progress in these areas:

Data Center

  • Announced breakthroughs in language understanding that allow organizations to enable real-time conversational AI, with record-setting performance in running training and inference on the BERT AI language model.
  • Announced that NVIDIA’s DGX SuperPOD™ – which provides the AI infrastructure for the company’s autonomous-vehicle development program – was ranked the world’s 22nd fastest supercomputer and that its reference architecture is available commercially through partners.
  • Set eight records in AI training performance in the latest MLPerf benchmarking tests.
  • Announced support for Arm CPUs, providing a new path to build highly energy-efficient, AI-enabled exascale supercomputers.

Gaming

Professional Visualization

Automotive

  • Volvo Group announced that it is using the NVIDIA DRIVE™ end-to-end autonomous driving platform to train networks in the data center, test them in simulation and deploy them in self-driving vehicles, targeting freight transport, refuse and recycling collection, public transport, construction, mining, forestry and more.

Source: Nvidia Corp.

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