Nvidia reported revenue of $1bn for the first quarter of fiscal 2011, up 51% compared to $664.2m in the same period a year earlier. Revenues rose by 2% sequentially.
The company posted a gross profit of $456.4m, compared to $190m for the same period a year ago. Operating income was $147.4m, compared to a loss of $231m for the first quarter of fiscal 2010.
For the quarter ended May 2, 2010, the company posted a net income of $137.6m, or $0.23 per diluted share, compared to loss of $201.3m, or $0.37 loss per diluted share for the same period last year.
Jen-Hsun Huang, CEO and president of Nvidia, said: “With our new Fermi-class GPUs in full production, Nvidia key profit drivers are fully engaged. We shipped a few hundred thousand Fermi processors into strong consumer demand.
“Our Quadro business for workstations grew strongly, fueled by pent up demand from enterprise customers and new growth markets like video editing. And we had record revenue from Tesla processors for high-end servers. We anticipate continued strength in these businesses over the coming quarters.”
The company expects revenue for the second quarter of fiscal 2011 to be down seasonally by 3-5% from the first quarter, while gross margin is expected to increase to 46-47%.
