NVIDIA Announces Financial Results for Second Quarter Fiscal 2020
15 Agosto 2019 - 03:20PM
NVIDIA (NASDAQ: NVDA) today reported revenue for the second quarter
ended July 28, 2019, of $2.58 billion compared with $3.12 billion a
year earlier and $2.22 billion in the previous quarter.
GAAP earnings per diluted share for the quarter were $0.90,
compared with $1.76 a year ago and $0.64 in the previous quarter.
Non-GAAP earnings per diluted share were $1.24 compared with $1.94
a year earlier and $0.88 in the previous quarter.
“We achieved sequential growth across our platforms,” said
Jensen Huang, founder and CEO of NVIDIA. “Real-time ray tracing is
the most important graphics innovation in a decade. Adoption has
reached a tipping point, with NVIDIA RTX leading the way.
“NVIDIA accelerated computing momentum continues to build as the
industry races to enable the next frontier in artificial
intelligence, conversational AI, as well as autonomous systems like
self-driving vehicles and delivery robots,” he said.
NVIDIA will pay its next quarterly cash dividend of
$0.16 per share on September 20, 2019, to all shareholders of
record on August 29, 2019. The first priority of the
company’s cash balance is the purchase of Mellanox Technologies,
Ltd. The company will return to repurchasing its stock after
the close of the Mellanox acquisition. The regulatory
approval process for this acquisition is progressing as expected,
and NVIDIA continues to work toward closing the deal by the end of
this calendar year.
Q2 Fiscal 2020 Summary
GAAP |
($ in millions, except earnings per share) |
Q2 FY20 |
Q1 FY20 |
Q2 FY19 |
Q/Q |
Y/Y |
Revenue |
$2,579 |
$2,220 |
$3,123 |
Up 16% |
Down 17% |
Gross margin |
59.8% |
58.4% |
63.3% |
Up 140 bps |
Down 350 bps |
Operating expenses |
$970 |
$938 |
$818 |
Up 3% |
Up 19% |
Operating income |
$571 |
$358 |
$1,157 |
Up 59% |
Down 51% |
Net income |
$552 |
$394 |
$1,101 |
Up 40% |
Down 50% |
Diluted earnings per share |
$0.90 |
$0.64 |
$1.76 |
Up 41% |
Down 49% |
Non-GAAP |
($ in millions, except earnings per share) |
Q2 FY20 |
Q1 FY20 |
Q2 FY19 |
Q/Q |
Y/Y |
Revenue |
$2,579 |
$2,220 |
$3,123 |
Up 16% |
Down 17% |
Gross margin |
60.1% |
59.0% |
63.5% |
Up 110 bps |
Down 340 bps |
Operating expenses |
$749 |
$753 |
$692 |
Down 1% |
Up 8% |
Operating income |
$802 |
$557 |
$1,290 |
Up 44% |
Down 38% |
Net income |
$762 |
$543 |
$1,210 |
Up 40% |
Down 37% |
Diluted earnings per share |
$1.24 |
$0.88 |
$1.94 |
Up 41% |
Down 36% |
|
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|
NVIDIA’s outlook for the third quarter of fiscal 2020 is as
follows:
- Revenue is expected to be $2.90 billion, plus or minus 2
percent.
- GAAP and non-GAAP gross margins are expected to be 62.0 percent
and 62.5 percent, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be
approximately $980 million and $765 million, respectively.
- GAAP and non-GAAP other income and expense are both expected to
be income of approximately $25 million.
- GAAP and non-GAAP tax rates are both expected to be 10 percent,
plus or minus 1 percent, excluding any discrete items. GAAP
discrete items include excess tax benefits or deficiencies related
to stock-based compensation, which are expected to generate
variability on a quarter by quarter basis.
Highlights
Since the end of the first quarter of fiscal
2020, NVIDIA has achieved progress in these areas:
Data Center
- Announced breakthroughs in language understanding that allow
organizations to enable real-time conversational AI, with
record-setting performance in running training and inference on the
BERT AI language model.
- Announced that NVIDIA’s DGX SuperPOD™ – which provides
the AI infrastructure for the company’s autonomous-vehicle
development program – was ranked the world’s 22nd fastest
supercomputer and that its reference architecture is available
commercially through partners.
- Set eight records in AI training performance in the latest
MLPerf benchmarking tests.
- Announced support for Arm CPUs, providing a new path to build
highly energy-efficient, AI-enabled exascale supercomputers.
Gaming
- Supercharged its GPU lineup with GeForce® RTX 2060 SUPER™,
GeForce RTX 2070 SUPER and GeForce RTX 2080 SUPER, delivering
best-in-class gaming performance and real-time ray tracing.
- Announced that new blockbuster titles including Call of Duty:
Modern Warfare, Cyberpunk 2077, Watch Dogs: Legion, and
Wolfenstein: Youngblood will feature ray tracing, propelling the
momentum of RTX technology.
- Unveiled the new NVIDIA Studio® platform for the
world’s tens of millions of online and studio-based creatives, with
the introduction of 27 new RTX Studio laptops powered by GeForce
RTX™ and Quadro RTX™ GPUs.
- Announced the launch of 25 more gaming laptops by major makers
fueled by NVIDIA Turing™ GPUs, bringing the total number of Turing
laptops to more than 100.
Professional Visualization
- Announced that in its first full year, NVIDIA RTX™ ray tracing
has emerged as the new industry standard in product design,
architecture, effects and scientific visualization, with the
support of more than 40 key applications, including eight
introduced at SIGGRAPH.
- Rolled out a full range of Turing architecture-based Quadro®
GPUs for mobile workstations with global system providers.
Automotive
- Volvo Group announced that it is using the NVIDIA
DRIVE™ end-to-end autonomous driving platform to train
networks in the data center, test them in simulation and deploy
them in self-driving vehicles, targeting freight transport, refuse
and recycling collection, public transport, construction, mining,
forestry and more.
CFO Commentary
Commentary on the quarter by Colette Kress,
NVIDIA’s executive vice president and chief financial officer, is
available at http://investor.nvidia.com/.
Conference Call and Webcast
Information
NVIDIA will conduct a conference call with analysts and
investors to discuss its second quarter fiscal 2020 financial
results and current financial prospects today at 2:30 p.m. Pacific
time (5:30 p.m. Eastern time). A live webcast (listen-only mode) of
the conference call will be accessible at NVIDIA’s investor
relations website, http://investor.nvidia.com. The webcast will be
recorded and available for replay until NVIDIA’s conference call to
discuss its financial results for its third quarter of fiscal
2020.
Non-GAAP Measures
To supplement NVIDIA’s Condensed Consolidated Statements of
Income and Condensed Consolidated Balance Sheets presented in
accordance with GAAP, the company uses non-GAAP measures of certain
components of financial performance. These non-GAAP measures
include non-GAAP gross profit, non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP income from operations, non-GAAP other
income (expense), non-GAAP income tax expense, non-GAAP net income,
non-GAAP net income, or earnings, per diluted share, non-GAAP
diluted shares, and free cash flow. In order for NVIDIA’s investors
to be better able to compare its current results with those of
previous periods, the company has shown a reconciliation of GAAP to
non-GAAP financial measures. These reconciliations adjust the
related GAAP financial measures to exclude stock-based compensation
expense, legal settlement costs, acquisition-related and other
costs, gains and losses from non-affiliated investments, interest
expense related to amortization of debt discount, and the
associated tax impact of these items, where applicable. Weighted
average shares used in the non-GAAP diluted net income per share
computation includes the anti-dilution impact of our Note Hedge.
Free cash flow is calculated as GAAP net cash provided by operating
activities less purchase of property and equipment and intangible
assets. NVIDIA believes the presentation of its non-GAAP financial
measures enhances the user’s overall understanding of the company’s
historical financial performance. The presentation of the company’s
non-GAAP financial measures is not meant to be considered in
isolation or as a substitute for the company’s financial results
prepared in accordance with GAAP, and the company’s non-GAAP
measures may be different from non-GAAP measures used by other
companies.
|
NVIDIA
CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME |
(In millions, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
July 28, |
|
July 29, |
|
July 28, |
|
July 29, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,579 |
|
|
$ |
3,123 |
|
|
$ |
4,799 |
|
|
$ |
6,330 |
|
Cost of
revenue |
|
1,038 |
|
|
|
1,148 |
|
|
|
1,962 |
|
|
|
2,287 |
|
Gross profit |
|
1,541 |
|
|
|
1,975 |
|
|
|
2,837 |
|
|
|
4,043 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
Research and
development |
|
704 |
|
|
|
581 |
|
|
|
1,379 |
|
|
|
1,124 |
|
|
Sales, general and
administrative |
|
266 |
|
|
|
237 |
|
|
|
529 |
|
|
|
467 |
|
|
|
Total operating expenses |
|
970 |
|
|
|
818 |
|
|
|
1,908 |
|
|
|
1,591 |
|
Income from
operations |
|
571 |
|
|
|
1,157 |
|
|
|
929 |
|
|
|
2,452 |
|
|
Interest
income |
|
47 |
|
|
|
32 |
|
|
|
92 |
|
|
|
57 |
|
|
Interest
expense |
|
(13 |
) |
|
|
(14 |
) |
|
|
(27 |
) |
|
|
(29 |
) |
|
Other, net |
|
1 |
|
|
|
5 |
|
|
|
1 |
|
|
|
11 |
|
|
|
Total other income
(expense) |
|
35 |
|
|
|
23 |
|
|
|
66 |
|
|
|
39 |
|
Income before
income tax |
|
606 |
|
|
|
1,180 |
|
|
|
995 |
|
|
|
2,491 |
|
Income tax
expense |
|
54 |
|
|
|
79 |
|
|
|
48 |
|
|
|
146 |
|
Net income |
$ |
552 |
|
|
$ |
1,101 |
|
|
$ |
947 |
|
|
$ |
2,345 |
|
|
|
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.91 |
|
|
$ |
1.81 |
|
|
$ |
1.56 |
|
|
$ |
3.86 |
|
|
Diluted |
$ |
0.90 |
|
|
$ |
1.76 |
|
|
$ |
1.54 |
|
|
$ |
3.74 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in per share computation: |
|
|
|
|
|
|
|
|
Basic |
|
609 |
|
|
|
607 |
|
|
|
608 |
|
|
|
607 |
|
|
Diluted |
|
616 |
|
|
|
626 |
|
|
|
616 |
|
|
|
627 |
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 28, |
|
January 27, |
|
|
|
|
|
2019 |
|
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash, cash
equivalents and marketable securities |
|
$ |
8,475 |
|
|
$ |
7,422 |
|
|
Accounts
receivable, net |
|
|
1,561 |
|
|
|
1,424 |
|
|
Inventories |
|
|
1,204 |
|
|
|
1,575 |
|
|
Prepaid expenses
and other current assets |
|
|
151 |
|
|
|
136 |
|
|
|
Total current assets |
|
|
11,391 |
|
|
|
10,557 |
|
|
|
|
|
|
|
|
Property and
equipment, net |
|
|
1,484 |
|
|
|
1,404 |
|
Operating lease
assets |
|
|
535 |
|
|
|
- |
|
Goodwill |
|
|
618 |
|
|
|
618 |
|
Intangible assets,
net |
|
|
49 |
|
|
|
45 |
|
Deferred income
tax assets |
|
|
588 |
|
|
|
560 |
|
Other
assets |
|
|
110 |
|
|
|
108 |
|
|
|
Total assets |
|
$ |
14,775 |
|
|
$ |
13,292 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
|
$ |
437 |
|
|
$ |
511 |
|
|
Accrued and other
current liabilities |
|
|
880 |
|
|
|
818 |
|
|
|
Total current liabilities |
|
|
1,317 |
|
|
|
1,329 |
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
1,989 |
|
|
|
1,988 |
|
Long-term
operating lease liabilities |
|
|
483 |
|
|
|
- |
|
Other long-term
liabilities |
|
|
650 |
|
|
|
633 |
|
|
|
Total liabilities |
|
|
4,439 |
|
|
|
3,950 |
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
10,336 |
|
|
|
9,342 |
|
|
|
Total liabilities and shareholders' equity |
|
$ |
14,775 |
|
|
$ |
13,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES |
(In millions, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
|
July 28, |
|
April 28, |
|
July 29, |
|
July 28, |
|
July 29, |
|
|
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
1,541 |
|
|
$ |
1,296 |
|
|
$ |
1,975 |
|
|
$ |
2,837 |
|
|
$ |
4,043 |
|
|
GAAP gross
margin |
|
|
59.8 |
% |
|
|
58.4 |
% |
|
|
63.3 |
% |
|
|
59.1 |
% |
|
|
63.9 |
% |
|
|
Stock-based compensation expense (A) |
|
8 |
|
|
|
4 |
|
|
|
8 |
|
|
|
12 |
|
|
|
16 |
|
|
|
Legal settlement costs |
|
2 |
|
|
|
10 |
|
|
|
- |
|
|
|
11 |
|
|
|
- |
|
Non-GAAP gross profit |
$ |
1,551 |
|
|
$ |
1,310 |
|
|
$ |
1,983 |
|
|
$ |
2,860 |
|
|
$ |
4,059 |
|
|
Non-GAAP gross
margin |
|
|
60.1 |
% |
|
|
59.0 |
% |
|
|
63.5 |
% |
|
|
59.6 |
% |
|
|
64.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
970 |
|
|
$ |
938 |
|
|
$ |
818 |
|
|
$ |
1,908 |
|
|
$ |
1,591 |
|
|
|
Stock-based compensation expense (A) |
|
|
(216 |
) |
|
|
(174 |
) |
|
|
(124 |
) |
|
|
(389 |
) |
|
|
(246 |
) |
|
|
Acquisition-related and other costs |
|
(5 |
) |
|
|
(10 |
) |
|
|
(2 |
) |
|
|
(15 |
) |
|
|
(4 |
) |
|
|
Legal settlement costs |
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
Non-GAAP operating expenses |
$ |
749 |
|
|
$ |
753 |
|
|
$ |
692 |
|
|
$ |
1,502 |
|
|
$ |
1,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from operations |
$ |
571 |
|
|
$ |
358 |
|
|
$ |
1,157 |
|
|
$ |
929 |
|
|
$ |
2,452 |
|
|
|
Total impact of non-GAAP adjustments to income from operations |
|
231 |
|
|
|
199 |
|
|
|
133 |
|
|
|
429 |
|
|
|
266 |
|
Non-GAAP income from operations |
$ |
802 |
|
|
$ |
557 |
|
|
$ |
1,290 |
|
|
$ |
1,358 |
|
|
$ |
2,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other income (expense) |
$ |
35 |
|
|
$ |
31 |
|
|
$ |
23 |
|
|
$ |
66 |
|
|
$ |
39 |
|
|
|
Gains from
non-affiliated investments |
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
(8 |
) |
|
|
Interest expense
related to amortization of debt discount |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
Non-GAAP other income (expense) |
$ |
35 |
|
|
$ |
31 |
|
|
$ |
21 |
|
|
$ |
67 |
|
|
$ |
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
552 |
|
|
$ |
394 |
|
|
$ |
1,101 |
|
|
$ |
947 |
|
|
$ |
2,345 |
|
|
|
Total pre-tax impact of non-GAAP adjustments |
|
231 |
|
|
|
199 |
|
|
|
131 |
|
|
|
430 |
|
|
|
259 |
|
|
|
Income tax impact of non-GAAP adjustments (B) |
|
(21 |
) |
|
|
(50 |
) |
|
|
(22 |
) |
|
|
(72 |
) |
|
|
(109 |
) |
Non-GAAP net income |
$ |
762 |
|
|
$ |
543 |
|
|
$ |
1,210 |
|
|
$ |
1,305 |
|
|
$ |
2,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share |
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
$ |
0.90 |
|
|
$ |
0.64 |
|
|
$ |
1.76 |
|
|
$ |
1.54 |
|
|
$ |
3.74 |
|
|
|
Non-GAAP |
|
$ |
1.24 |
|
|
$ |
0.88 |
|
|
$ |
1.94 |
|
|
$ |
2.12 |
|
|
$ |
3.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in diluted net income per share
computation |
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
616 |
|
|
|
616 |
|
|
|
626 |
|
|
|
616 |
|
|
|
627 |
|
|
|
Anti-dilution impact from note
hedge |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
Non-GAAP |
|
|
616 |
|
|
|
616 |
|
|
|
625 |
|
|
|
616 |
|
|
|
626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net cash provided by operating activities |
$ |
936 |
|
|
$ |
720 |
|
|
$ |
913 |
|
|
$ |
1,656 |
|
|
$ |
2,358 |
|
|
|
Purchase of
property and equipment and intangible assets |
|
(113 |
) |
|
|
(128 |
) |
|
|
(128 |
) |
|
|
(241 |
) |
|
|
(247 |
) |
Free cash flow |
|
$ |
823 |
|
|
$ |
592 |
|
|
$ |
785 |
|
|
$ |
1,415 |
|
|
$ |
2,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Stock-based compensation consists of the following: |
Three Months Ended |
|
Six Months Ended |
|
|
|
|
July 28, |
|
April 28, |
|
July 29, |
|
July 28, |
|
July 29, |
|
|
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Cost of revenue |
|
$ |
8 |
|
|
$ |
4 |
|
|
$ |
8 |
|
|
$ |
12 |
|
|
$ |
16 |
|
|
|
Research and development |
|
$ |
145 |
|
|
$ |
114 |
|
|
$ |
76 |
|
|
$ |
259 |
|
|
$ |
150 |
|
|
|
Sales, general and administrative |
|
$ |
71 |
|
|
$ |
60 |
|
|
$ |
48 |
|
|
$ |
130 |
|
|
$ |
96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Income tax impact of non-GAAP adjustments, including the
recognition of excess tax benefits or deficiencies related to
stock-based compensation under GAAP accounting standard (ASU
2016-09). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP
OUTLOOK |
|
|
|
|
|
|
Q3 FY2020Outlook |
|
|
|
GAAP gross
margin |
|
62.0 |
% |
|
Impact of stock-based compensation expense |
|
0.5 |
% |
Non-GAAP gross
margin |
|
62.5 |
% |
|
|
|
|
|
Q3 FY2020Outlook |
|
|
(In millions) |
|
|
|
GAAP operating
expenses |
$ |
980 |
|
|
Stock-based compensation expense, acquisition-related costs, and
other costs |
|
(215 |
) |
Non-GAAP operating
expenses |
$ |
765 |
|
|
|
|
About NVIDIA
NVIDIA’s (NASDAQ: NVDA) invention of the GPU in 1999 sparked the
growth of the PC gaming market, redefined modern computer graphics
and revolutionized parallel computing. More recently, GPU deep
learning ignited modern AI ― the next era of computing ― with the
GPU acting as the brain of computers, robots and self-driving cars
that can perceive and understand the world. More information at
http://nvidianews.nvidia.com/.
For further information, contact:
Simona Jankowski |
|
Robert Sherbin |
Investor Relations |
|
Corporate Communications |
NVIDIA Corporation |
|
NVIDIA Corporation |
sjankowski@nvidia.com |
|
rsherbin@nvidia.com |
Certain statements in this press release including, but not
limited to, statements as to: real-time ray tracing being the most
important graphics innovation in a decade; adoption of ray tracing
reaching a tipping point with RTX leading the way; NVIDIA
accelerated computing momentum continuing to build as the industry
races to enable the next frontier of artificial intelligence and
autonomous systems; NVIDIA’s intended capital return; NVIDIA’s next
quarterly cash dividend; the priority of NVIDIA’s cash
balance being the purchase of Mellanox; NVIDIA returning to
repurchasing its stock after the close of the Mellanox acquisition;
the regulatory approval process for the Mellanox acquisition
progressing and NVIDIA continuing to work toward closing the deal
by the end of this calendar year; NVIDIA’s financial outlook
for the third quarter of fiscal 2020; NVIDIA’s expected tax rates
for the third quarter of fiscal 2020; NVIDIA’s expectation to
generate variability from excess tax benefits or deficiencies;
NVIDIA’s support for Arm CPUs providing a path to build exascale
supercomputers; breakthroughs in language understanding enabling
real-time conversational AI and its performance; NVIDIA DGX
SuperPOD’s availability; new games featuring ray tracing and it
propelling the momentum of RTX technology; the launch of laptops by
major makers; the benefits, impact and performance of our
technologies, including the RTX SUPER GPU lines, NVIDIA Studio
platform and NVIDIA RTX ray tracing; NVIDIA RTX ray tracing
emerging as the new industry standard and supporting more than 40
key applications; and Volvo Group’s uses of NVIDIA DRIVE are
forward-looking statements that are subject to risks and
uncertainties that could cause results to be materially different
than expectations. Important factors that could cause actual
results to differ materially include: global economic conditions;
our reliance on third parties to manufacture, assemble, package and
test our products; the impact of technological development and
competition; development of new products and technologies or
enhancements to our existing product and technologies; market
acceptance of our products or our partners’ products; design,
manufacturing or software defects; changes in consumer preferences
or demands; changes in industry standards and interfaces;
unexpected loss of performance of our products or technologies when
integrated into systems; as well as other factors detailed from
time to time in the most recent reports NVIDIA files with the
Securities and Exchange Commission, or SEC, including, but not
limited to, its annual report on Form 10-K and quarterly reports on
Form 10-Q. Copies of reports filed with the SEC are posted on the
company’s website and are available from NVIDIA without charge.
These forward-looking statements are not guarantees of future
performance and speak only as of the date hereof, and, except as
required by law, NVIDIA disclaims any obligation to update these
forward-looking statements to reflect future events or
circumstances.
© 2019 NVIDIA Corporation. All rights reserved.
NVIDIA, the NVIDIA logo, GeForce, GeForce RTX, GeForce RTX SUPER,
NVIDIA DGX SuperPOD, NVIDIA DRIVE, NVIDIA RTX, NVIDIA Turing,
Quadro and Quadro RTX are trademarks and/or registered trademarks
of NVIDIA Corporation in the U.S. and/or other countries. Other
company and product names may be trademarks of the respective
companies with which they are associated. Features, pricing,
availability, and specifications are subject to change without
notice.
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