- Revenue of $3.08 billion, up 39 percent from a year earlier
- Record Data Center revenue of $1.14 billion, up 80 percent from a year earlier
- Record GAAP gross margin of 65.1 percent
SANTA CLARA, Calif., May 21, 2020 (GLOBE NEWSWIRE) -- NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 26, 2020, of $3.08 billion, up 39 percent from $2.22 billion a year earlier, and down 1 percent from $3.11 billion in the previous quarter.
GAAP earnings per diluted share for the quarter were $1.47, up 130 percent from $0.64 a year ago, and down 4 percent from $1.53 in the previous quarter. Non-GAAP earnings per diluted share were $1.80, up 105 percent from $0.88 a year earlier, and down 5 percent from $1.89 in the previous quarter.
NVIDIA completed its acquisition of Mellanox Technologies Ltd. on April 27, 2020, for a transaction value of $7 billion. It also transitioned its GPU Technology Conference to an all-digital format, drawing more than 55,000 registered participants, while NVIDIA founder and CEO Jensen Huang’s keynote videos were viewed 3.8 million times in their first three days.
“As the world battles COVID-19, we salute the first responders, healthcare workers, and service workers who courageously step in harm’s way to save lives and keep the world going,” Huang said. “We also thank the scientists around the world racing to find a vaccine for COVID-19.
“NVIDIA had an excellent quarter. The acquisition of Mellanox expands our cloud and data center opportunity. We raised the bar for AI computing with the launch and shipment of our Ampere GPU. And our digital GTC conference attracted a record number of developers, highlighting the accelerating adoption of NVIDIA GPU computing.
“Our Data Center business achieved a record and its first $1 billion quarter. NVIDIA is well positioned to advance the most powerful technology forces of our time – cloud computing and AI,” he said.
In the first quarter of fiscal 2021, NVIDIA paid dividends of $98 million. Due to current market uncertainties, NVIDIA is evaluating the timing of resuming share repurchases and will remain nimble based on market conditions. NVIDIA is currently authorized to repurchase up to $7.24 billion in shares through December 2022. It remains committed to paying its quarterly dividend.
Q1 Fiscal 2021 Summary
| GAAP | |||||||||||
| ($ in millions, except earnings per share) | Q1 FY21 | Q4 FY20 | Q1 FY20 | Q/Q | Y/Y | ||||||
| Revenue | $3,080 | $3,105 | $2,220 | Down 1% | Up 39% | ||||||
| Gross margin | 65.1% | 64.9% | 58.4% | Up 20 bps | Up 670 bps | ||||||
| Operating expenses | $1,028 | $1,025 | $938 | -- | Up 10% | ||||||
| Operating income | $976 | $990 | $358 | Down 1% | Up 173% | ||||||
| Net income | $917 | $950 | $394 | Down 3% | Up 133% | ||||||
| Diluted earnings per share | $1.47 | $1.53 | $0.64 | Down 4% | Up 130% | ||||||
