Nvidia: Best In Class Among Semiconductors In 2016
Alex Cho • 16 Comments
Alex Cho • 16 Comments
Nvidia Is A $12 Stock Worth $18: A Sum Of The Parts Analysis
Adam Levine-Weinberg • 65 Comments
Adam Levine-Weinberg • 65 Comments
May 8, 2014, 5:21 PM
- Nvidia (NVDA) expects FQ2 revenue of $1.1B (+/- 2%), favorable to a $1.08B consensus. But gross margin is expected to slip to 54% from FQ1's 55.1%.
- In its CFO commentary (.pdf), Nvidia states GPU sales (81% of revenue) rose 14% Y/Y, even with FQ4's growth rate. Strong high-end PC GPU (GeForce GTX) and GRID (server GPU) sales provided a boost, as did continued Tesla (HPC CPU) growth.
- Tegra sales, which plunged 37% Y/Y in FQ4 thanks to share loss to Qualcomm and others, rose 6% Q/Q and 35% Y/Y to $139M on the back of higher smartphone and automotive volumes.
- Opex only rose 4% Y/Y, a marked slowdown from FQ4's 13% clip and giving a boost to EPS. A $500M share repurchase agreement was struck during the quarter; Nvidia added $1B to its buyback program last November.
- Nvidia released its core FQ1 numbers on Tuesday after accidentally e-mailing a draft.
- Nvidia's full earnings release
May 6, 2014, 9:28 AM
- Though Nvidia (NVDA) originally planned to release its FQ1 results on Wednesday, the company was forced to release its core numbers early after a preliminary draft was accidentally e-mailed to ~100 people.
- FQ1 gross margin was 55.1%, +130 bps Q/Q and +50 bps Y/Y, and above guidance of 54.5%. That provided a boost to EPS, as did the fact opex only rose 4% Y/Y, less than FQ4's 13% and below revenue growth of 16% (up soundly from FQ4's 3% growth).
- Nvidia's guidance and full FQ1 results will be delivered on Wednesday, as originally planned.
- FQ1 results, PR
May 6, 2014, 9:08 AM
- NVIDIA (NVDA): Q1 EPS of $0.24 beats by $0.07.
- Revenue of $1.10B (+16% Y/Y) beats by $0.04B.
Feb. 12, 2014, 5:12 PM
- Nvidia (NVDA) expects FQ1 revenue of $1.05B (+/- 2%), above a $1B consensus.
- The chipmaker soundly beat FQ4 estimates thanks to a 14% Y/Y increase in GPU sales to $947M. That growth rate represents a reversal from FQ3's 2% drop. Nvidia cites strong sales of its high-end GeForce GTX desktop GPUs, Quadro workstation GPUs, and Tesla HPC GPUs. Notebook GPU sales fell slightly due to PC weakness.
- Tegra sales remained under pressure, plunging 37% to $131M. Nvidia is counting on the Tegra 4i (integrated baseband/app processor) and K1 (high-end app processor) to spark a turnaround.
- Gross margin was 54.1%, -130 bps Q/Q but +120 bps Y/Y. Nvidia expects a GM of 52.5% in seasonally weak FQ1. Opex rose 13% Y/Y, easily eclipsing revenue grow of 3%.
- Only $37M was spent on buybacks. Nvidia added $1B to its buyback authorization back in November.
- FQ4 results, PR, CFO commentary
Feb. 12, 2014, 4:26 PM
- Nvidia Corporation (NVDA): Q4 EPS of $0.25 beats by $0.07.
- Revenue of $1.14B (+2.7% Y/Y) beats by $80M.
Feb. 12, 2014, 12:10 AM
Feb. 11, 2014, 5:35 PM
Jan. 16, 2014, 6:25 PM
- Intel (INTC) CFO Stacy Smith on the Q4 CC, discussing enterprise/government demand: "We saw a tapering off in order patterns at certain customers across certain segments. We think that was driven by the government shutdown and uncertainty." Smith also stated a 2H pickup in enterprise IT spend was a little slower than expected.
- Bernstein's Stacy Rasgon, a long-time bear, expressed disappointment over the slowing server CPU division growth Intel reported in Q4 (+8% Y/Y vs. +12% in Q3), and questioned the division's ability to hit an Intel target for low-double digit 2014 growth, especially after sales only rose 3% in 2013.
- CEO Brian Krzanich suggests sales of Intel's Bay Trail Atom CPUs for Android tablet designs won't be significant until Q2. Bay Trail carries much lower ASPs than Intel's Core PC CPUs.
- Intel has fully given back its early 2014 gains. AMD -1.1% AH. NVDA -1.1%.
- More on Intel's earnings
Nov. 7, 2013, 5:35 PM
- Along with its FQ3 results, Nvidia (NVDA) has announced it's adding another $1B to its buyback authorization; the chipmaker now has $1.286B available for buybacks. Nvidia bought back $750M worth of shares earlier this year through a deal with Goldman.
- After rising 7.5% Y/Y in FQ2, Nvidia's GPU division sales fell 2% in FQ3 to $876.8M, as strong Quadro (workstation) and Tesla (server/HPC) GPU sales failed to fully offset PC weakness. Nvidia says GPU sales for PC "gaming platforms" (a high-margin business) remains healthy, but that entry-level notebook GPU shipments fell.
- Tegra division sales totaled $111.2M, up 111% Q/Q thanks to the Tegra 4 ramp and Shield console sales, but down 54% due to tough direct competition from Qualcomm, and tough indirect competition from Apple/Samsung's in-house app processors.
- Gross margin was 55.7%, -60 bps Q/Q and +260 bps Y/Y. GM is expected to slip to 54.5% in FQ4. In spite of a 12.5% Y/Y rev. drop, opex rose 17.6% Y/Y, due largely to a 20% increase in R&D spend to $340.3M (32% of revenue).
- FQ3 results, PR, CFO comments (.pdf)
Nov. 7, 2013, 4:25 PM
- Nvidia (NVDA): FQ3 EPS of $0.20 in-line.
- Revenue of $1.05B (-12.5% Y/Y) in-line.
- Expects FQ4 revenue of $1.05B (+/- 2%), below a $1.08B consensus.
- Shares -0.4% AH. (PR)
Nov. 7, 2013, 12:10 AM
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Nov. 6, 2013, 5:35 PM
- ADES, ADUS, AIRM, AL, ALJ, ANAC, ARAY, AREX, ARNA, ATLS, ATW, AUQ, AVG, BCEI, BEBE, BIO, BNNY, BPZ, CFN, CLNE, CUBE, DAR, DIS, DMD, EAC,EBS, ECPG, ELON, ENOC, EZPW, FEYE, FF, FUEL, FXEN, GERN, GRPN, GXP, HTGC, IL, KRO, KTOS, LCI, LFVN, MCP, MDRX, MITK, MNST, MNTX, MSCC, NES,NFG, NKTR, NOG, NVDA, OCLR, OLED, PCLN, PEGA, PODD, RNDY, SF, SGMS, SLXP, SNTS, SQNM, SWIR, TSRO, TUMI, UBNT, UNXL, VVC, WIFI, WR, WTR, XNPT,XTEX, YRCW
Aug. 9, 2013, 7:11 PM
- Nvidia (NVDA -1.4%) fell only modestly after reporting light guidance to go with an FQ2 beat.
- Healthy GPU sales (+9.3% Q/Q and +7.5% Y/Y to $858.6M) softened the response to nosediving Tegra sales (-49% Q/Q and -70.7% Y/Y to just $52.6M).
- Nvidia, which previously guided for flat FY14 (ends Jan. '14) Tegra sales (a forecast already implying share loss), now thinks sales could fall by $200M-$300M from FY13's $750M.
- On the CC, CEO Jen-Hsun Huang blamed the forecast, which comes as Tegra 4 hardware launches, on poor Windows RT hardware sales. However, Nvidia's dearth of major Android smartphone wins relative to Qualcomm, and Samsung's partial reliance on home-grown CPUs, are also clearly factors.
- Meanwhile, Huang has confirmed reports a Tegra chip will go into the next version of Surface RT, and Chinese sites have published pictures said to depict an Nvidia-made tablet called the Tegra Tab.
- One bright spot: Tesla server GPU sales +25% Q/Q and +128% Y/Y, evidence of strong HPC market demand. Also, Quadro workstation GPUs +9% Q/Q and +14% Y/Y, and desktop GPUs +14% Q/Q and +4% Y/Y (mix shift to high-end). Notebook GPUs -4% Q/Q and -2% Y/Y.
- Given the state of PC sales, the GPU figures point to additional share gains relative to AMD.
- In spite of a 6% Y/Y rev. drop, R&D spend +18% Y/Y to $331.7M. SG&A -10% to $108.3M.
- Previous: Nvidia to license GPU IP for 3rd-party mobile processors
Aug. 8, 2013, 4:27 PM
- Nvidia (NVDA): FQ2 EPS of $0.16 beats by $0.03.
- Revenue of $977.2M (-6.4% Y/Y) beats by $0.8M.
- Expects FQ3 revenue of $1.05B (+/- 2%), below a $1.1B consensus.
- Shares -1.2% AH. (PR)
Aug. 8, 2013, 12:10 AM
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NVIDIA Corp. is a visual computing company, connecting people through computer graphics. It is engaged in creating graphics chips, which is used in personal computers. The company operates through two segments: Graphics Processing Unit (GPU) and Tegra Processor. The GPU segment includes sales of... More
Industry: Semiconductor - Specialized
Country: United States
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