Nvidia Q1 revenues up 142 percent year-over-year

Graphics chip maker Nvidia Wednesday reported revenue for its first financial quarter of fiscal 2003, which ended on April 28, 2002.

Nvidia reported US$582.9 million in revenues, compared to $240.9 million for the same period last year -- a 142 percent year over year increase. Actual net include for the quarter was about $83.2 million -- $0.47 per diluted share, compared to $26.7 for the same quarter last year, or about $0.16 per diluted share. Nvidia's Q1 revenues beat Wall Street estimates by about a penny.

Nvidia Corp. president and CEO Jen-Hsun Huang said his company is "extremely pleased" with its financial results. "During the quarter we entered a new product cycle, and delivered a number of groundbreaking products in each of our core markets," said Huang.

Huang added that the company continues to gain marketshare with a comprehensive portfolio of products -- Nvidia has its fingers into just about every aspect of the graphics market, from embedded systems to workstations, mainstream graphics and high-performance consumer offerings.

"With our strong product families, deep product roadmaps, world-class engineering teams and our proven execution record, we are confident that we can continue our progress in each product area we serve going forward," said Huang.

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