NVIDIA records $30m full-year loss
CEO blames "difficult and uncertain" environment as losses in fourth quarter hit $147.7 million
Graphics chip maker Nvidia has recorded a USD 30 million loss for the full year ended January 25, 2009, compared to USD 797.6 million profit reported for the year ended 2008.
Revenues were down to USD 3.4 billion from USD 4.1 billion for the prior year, a drop of 16 per cent.
"The environment is clearly difficult and uncertain," offered Jen Hsun Huang, president and CEO of Nvidia.
"Our first priority is to set an operating expense level that balances cash conservation while allowing us to continue to invest in initiatives that are of great importance to the market and in which we believe we have industry leadership. We have initiatives in all areas to reduce operating expenses," he offered.
Fourth quarter revenues were USD 481.1 million, down 60 per cent compared to the USD 1.2 billion, with a loss of USD 147.7 million, compared to a profit of USD 256 million, for the same period last year.