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NVIDIA Corporation (Nasdaq: NVDA) today reported financial results for the first quarter of fiscal 2008 ended April 29, 2007.
For the first quarter of fiscal 2008 revenues were $844.3 million, compared to $681.8 million for the first quarter of fiscal 2007, an increase of 24 percent. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of fiscal 2008 was $132.3 million, or $0.33 per diluted share, an increase of 44 percent compared to the first quarter of fiscal 2007.
Non-GAAP net income for the first quarter of fiscal 2008, which excludes stock-based compensation charges and the associated tax impact, was $164.4 million, or $0.42 per diluted share, an increase of 48 percent compared to the first quarter of fiscal 2007.
“Compared to last year, first quarter revenue grew 24 percent and non-GAAP net income increased 48 percent. With our continued focused on operational excellence, gross margins achieved a company record. We maintained leadership positions in each of our core product lines, which positions us for continued growth throughout the year,” stated Jen-Hsun Huang, president and CEO of NVIDIA.
“Our growth reflects the ever growing importance of the GPU across a broad range of computing and digital devices. The GPU is one of the most important enablers for the digital consumer era. Over the next 10 years, we estimate that over 10 billion GPUs will be needed to power PCs, mobile devices, cars, TVs, and game consoles. Our strategy is clear and focused – to be the world leader in GPUs and capitalise on this exciting opportunity,” added Mr. Huang.
First Quarter Fiscal 2008 Highlights:

• Non-GAAP gross margin reached a Company record of 45.4 percent, an increase of 120 basis points sequentially from the fourth quarter of fiscal 2007, and 290 basis points year-over-year. GAAP gross margin was 45.0 percent.
• The GeForce® notebook product line achieved record revenue for the fifth consecutive quarter with revenue growth of 71 percent year-over-year. According to Mercury Research, GeForce is the market leader in Standalone Notebooks with 60 percent segment share.
• NVIDIA nForce® MCP product line revenue increased 25 percent year-over-year and continues to hold the leadership position for the AMD segment.
• The NVIDIA Quadro® workstation product line had a record quarter, with revenue growth of 39 percent year-over-year. New products include Quadro FX 4600, Quadro FX 5600, and Quadro Plex VCS Model IV.
• NVIDIA launched a partnership with University of Illinois at Urbana-Champaign to offer a new class in parallel computing based on CUDA™ technology and G80-class GPUs. The course is designed to meet a growing industry need for better prepared students, as parallel processors are quickly becoming the computing standard.
• EE Times honored NVIDIA with the Annual Creativity in Electronics (ACE) Award for Company of the Year. The award recognises a company that exhibits the highest degree of professionalism, employee development and retention, customer focus, technical excellence, and profitability.

NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2008 financial results and current financial prospects today at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time). To listen to the call, please dial (706) 679-0543. A live Web cast (listen-only mode) of the conference call will be held at the NVIDIA investor relations Web site www.nvidia.com/ir and at http://www.streetevents.com . The Web cast will be recorded and available for replay until the Company’s conference call to discuss its financial results for its second quarter fiscal 2008.