Don't you know there's a recession on?
nVidia didn’t have a great time with its Q2 results and, unluckily for some, Q3 doesn’t look to be any better. While the company did at least post a profit, it was down on the same period last year.
In total net profit for Q3 was $61.7 million (£39.2 million), versus $253.7 million (£161.3) in the same period last year. This downturn was contributed to by an $8.3 million charge incurred in a restructuring and reduction of nVidia’s workforce, which lead to 360 employees losing their jobs.
nVidia President and Jen-Hsun Huang commented I the results saying: “We made good progress on multiple fronts during the quarter, improving gross margin while managing operating expenses enabled us to significantly improve our operating fundamentals. We transitioned our performance segment GPUs to 55 nanometers and are now poised to recapture lost share. We entered the fastest growing segment of the PC market with our first notebook chipset for Intel processors, and delivered on several exciting new growth initiatives – 3-way SLI for the Intel Core i7 processor platform, Quadro CX for Adobe CS4 creative professionals and the Tesla supercomputing processor.”
The implication, then, is that while things haven’t gone exactly to plan this quarter, it’s full steam ahead to ensure that nVidia continues to be profitable henceforth. The 9400M notebook platform, as ported by the latest Apple MacBook range, especially, is expected to help bolster the company’s profitability.
Fingers crossed, shareholders.