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Friday, May 9, 2008

Nvidia (NVDA) 1Q:2009 results

Nvidia, the industry market share and technology leader in graphics cards for the PC industry, reported revenue in line with widely lowered expectations. Gross margins missed estimates by a percent due to product transition. Inventories were 10 days higher exiting the quarter vs. last quarter at 60 days. They guided for "normal seasonality" of down 5%, with notebooks to decline worse than the company average.

They rarely have normal seasonality in the July quarter. The last few years they've grown 1-4%. That said, this lowered guidance has been well disseminated prior to the report.

Nvidia's a good company. Their biggest issue is they've got such a big base it's very hard to continue to show the kind of growth they've experienced the last couple of years. The stock is fairly priced here.

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