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Nvidia Posts Smaller Q2 Profit

Nvidia announced its second-quarter results Thursday, posting a profit of $5.3 million (3 cents per share) for the quarter on revenues of $427 million, down from the $21 million (9 cents per share) profit posted for the same period a year ago.
The company cited $21 million in obsolete-product and excess-inventory write-off charges for the quarter, $7 million of which was attributable to Xbox, according to CEO Jen-Hsun Huang. The company has not provided a final pro forma profit figure excluding write-off items. Revenues for the quarter were up from $260 million for the same period last year, but down from previous-quarter results of $583 million. CEO Huang declined to comment on whether design work on the next-generation NV30 chip had been completed or when it might ship in volume to retail, but he did say that “we fully expect to be there for the Christmas season.” Nvidia also announced yesterday the appointment of Marvin Burkett as chief financial officer. Burkett is former CFO of Advanced Micro Devices and will report to CEO Jen-Hsun Huang when he starts on September 3.

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