NVIDIA Announces Financial Results for First Quarter Fiscal 2022

About NVIDIA
NVIDIA’s (NASDAQ: NVDA) invention of the GPU in 1999 sparked the growth of the PC gaming market and has redefined modern computer graphics, high performance computing and artificial intelligence. The company’s pioneering work in accelerated computing and AI is reshaping trillion-dollar industries, such as transportation, healthcare and manufacturing, and fueling the growth of many others. More information at https://nvidianews.nvidia.com/.


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NVIDIA Corporation NVIDIA Corporation
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Certain statements in this press release including, but not limited to, statements as to: NVIDIA’s next quarterly cash dividend; the expected timing of our stock split; our stock split being conditioned on stockholder approval of our charter amendment; our data center business continuing to expand; the world’s industries taking up AI to process computer vision, conversational AI, natural language understanding, and recommender systems; NVIDIA RTX reinventing computer graphics and driving upgrades across the gaming and design markets; improving gamers’ access to GeForce GPUs by reducing the Ethereum hash rate on certain RTX graphics cards; our partners launching the largest-ever wave of NVIDIA-powered laptops; the acceleration of the adoption of NVIDIA computing platforms; NVIDIA’s financial outlook for the second quarter of fiscal 2022; NVIDIA’s expected tax rates for the second quarter of fiscal 2022; NVIDIA’s expectation to generate variability from excess tax benefits or deficiencies; expanding our footprint across the data center; our progress on the Arm acquisition, when it is expected to close and it creating new opportunities for the entire ecosystem; the benefits, performance and abilities of our products and technologies, including NVIDIA Grace, NVIDIA Clara Discovery and NVIDIA GeForce RTX 30 Series GPUs; the release and availability of certain of our products and technologies, including the NVIDIA BlueField-3 DPU, the DGX SuperPOD, a new class of NVIDIA-Certified Systems, NVIDIA AI Enterprise, the NVIDIA Morpheus AI application framework, the NVIDIA Jarvis framework, NVIDIA Maxine, NVIDIA TAO, NVIDIA Omniverse Enterprise and GANverse3D; collaborations with third parties, including Amazon and Schrödinger; our GPU series expansion; expanding our RTX 30 Series GPUs and their features; the games using NVIDIA Reflex and NVIDIA DLSS technology; GeForce NOW’s availability and the number of members that can access it; NVIDIA DRIVE powering a range of next-generation cars and self-driving trucks; expanding the NVIDIA DRIVE ecosystem; NVIDIA powering the Mercedes-Benz AI cockpit and the cars and timing for its debut; and NVIDIA’s pioneering work in accelerated computing and its impacts 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.

© 2021 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, NVIDIA DGX SuperPOD, NVIDIA DRIVE, NVIDIA DRIVE AGX, NVIDIA DRIVE Atlan, NVIDIA DRIVE Hyperion, NVIDIA DRIVE Orin, NVIDIA Grace, NVIDIA Omniverse, NVIDIA RTX, BlueField, GeForce, GeForce NOW, GeForce RTX and Maxine 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.

 

NVIDIA CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
      
      
    Three Months Ended
    May 2,  April 26,
     2021    2020 
      
Revenue$5,661   $ 3,080  
Cost of revenue   2,032       1,076  
Gross profit   3,629       2,004  
Operating expenses      
  Research and development   1,153       735  
  Sales, general and administrative   520       293  
    Total operating expenses   1,673       1,028  
Income from operations   1,956       976  
  Interest income   6       31  
  Interest expense   (53 )     (25 )
  Other, net   135       (1 )
    Other income (expense), net   88       5  
Income before income tax   2,044       981  
Income tax expense   132       64  
Net income $ 1,912     $ 917  
           
Net income per share:      
  Basic $ 3.08     $ 1.49  
  Diluted $ 3.03     $ 1.47  
           
Weighted average shares used in per share computation:    
  Basic   621       614  
  Diluted   632       622  
           

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