Nvidia sales hit new high in Q2; reveals options probe

Graphics chip maker Nvidia posted record high revenue for the second quarter on strong sales in desktop, laptop and handheld GPUs.

Graphics chipmaker, Nvidia, has posted record high revenue for the second quarter on strong sales across several product groups including desktop, laptop and handheld graphics processing units.

The company said its revenue hit an all-time high of $US687.5 million during its fiscal second quarter, which ended July 30. This was up 20 per cent on last year's $US574.8 million. Nvidia did not announce profit figures.

Nvidia, which sells graphics chips to most major PC vendors and game console vendors, including the upcoming PlayStation 3 machine, held back further financial information because it is conducting a voluntary, internal review of its stock option practices from the time of its stock market listing in 1999 to now.

The company's Nvidia's audit committee had already reached a preliminary conclusion that incorrect measurement dates were used in the accounting of stock option grants in certain periods, Nvidia said.

The company may have to record non-cash expenses based in future earnings reports to correct the situation.

Due to the inquiry, Nvidia will not announce additional financial results for the second quarter, such as net profit and other figures.

The company would announce full second quarter results after the auditing committee finished its review, Nvidia said.

A number of high profile technology companies have recently found errors in their accounting of stock options, including Apple Computer.

Last month, the company said an internal investigation found problems with stock option grants made between 1997 and 2001, an issue which will probably cause it to restate some past financial results.

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Dan Nystedt

IDG News Service
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