Nvidia Raises Guidance, Restates Finances, In Arbitration With Microsoft

Nvidia announced three major pieces of news today, revolving around its finances.
First, the company raised its outlook for the current quarter, saying that its net income for the quarter that ended yesterday will be between $79 and $84 million (45 to 48 cents per share), beating Wall Street's estimate of 42 cents per share. Second, Nvidia announced a restatement of financial results for fiscal 2000, 2001 and the first three quarters of the current fiscal year. The need to restate earnings revolved around the way Nvidia accounted for charges and accruals, and corrected the way the company calculated costs of goods and expenses. The overall effect of the accounting change is a $1.3 million increase in net earnings. On a related note, Nvidia's CFO, Christine Hoberg, announced she would take a leave of absence and the company has begun a search for her replacement. Finally, Nvidia revealed that it is in arbitration with Microsoft to resolve a dispute over the price Microsoft is paying for its graphics processors for the Xbox. No indication was given as to when the arbitration might be settled. Nvidia shares are up strongly today by $5.08, or over 16 percent, to $35.45.

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