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NVIDIA (NVDA) 1Q Earnings Jump 29 Pct On Strong Margins

 May 10, 2013 02:48 AM

(By Balachander) NVIDIA Corp. (NASDAQ: NVDA) posted a jump in quarterly earnings as revenue grow and margins improved, yet the maker of graphics and mobile chips issued guidance below consensus.

Shares rose 1.80 percent in extended trading on Thursday.

On a non-GAAP basis, earnings per share increased 12 percent to 18 cents from 16 cents, versus Wall Street projections of 10 cents.

GAAP earnings jumped 29 percent to $77.89 million for the first quarter. 

Revenue grew 3 percent to $954.7 million and topped consensus estimate of $940.5 million. 

"The success of Kepler-based GPUs within and beyond the PC helped drive another quarter of record margins," said NVIDIA's chief executive Jen-Hsun Huang. "With Tegra 4 devices and Tegra 4i certification on the way, we're gearing up to return to growth in the second half." 

[Related -NVIDIA Corporation (NVDA) Q3 Earnings Preview: Can We See Another Beat?]

Gross margin expanded to 54.3 percent from 50.1 percent from the year-ago quarter. Non-GAAP gross margin also improved to 54.6 percent.

Non-GAAP operating expenses jumped 14 percent to about $435 million. 

Looking ahead for the second quarter, the company forecasts revenue to be $975 million plus or minus two percent, below analysts' expectations of $1.01 billion. It expects non-GAAP gross margin to be roughly flat relative to the first quarter. 

The stock, which has been trading in the 52-week range between $11.15 and $15.22, ended Thursday's regular trading at $13.91. 

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