NVIDIA Corporation (NASDAQ: NVDA) shares gave a wobbly performance in today’s morning session, a day after the company announced the resignation of its CFO, David White, from the company for personal reasons. Wall Street took the news in stride as industry experts seemed to agree that White’s departure wouldn’t affect the company’s position.
White will remain an employee through May 31. Karen Burns, currently serving as corporate controller and vice president of tax, will serve as interim CFO. Previously, she served for 10 years as head of Nvidia’s tax department, holding a variety of titles. Prior to Nvidia, Burns had nine years of experience in tax and audit roles with global public accounting firm KPMG.
The company reported fourth-quarter profit rose 31% from last year, as improved gross margin and a gain from a legal settlement with Intel more than offset a 10% decrease in revenue. The company reported GAAP net income for the fourth quarter of $171.7 million or $0.29 per share as compared to $131.1 million or $0.23 per share for the year-ago quarter. This quarter results include a $57.0 million credit to operating expenses, $37.1 million after tax, as a result of a legal settlement in connection with a new licensing agreement entered into with Intel. The non-GAAP net income for the latest quarter was $139.0 million or $0.23 per share. The revenue for the fourth quarter fell 10% to $886.38 million from $982.49 million in the same quarter last year. The gross margin for the fourth quarter improved to 48.1% from 44.7% a year earlier.
For the full year, the company reported GAAP net income of $253.1 million or $0.43 per share as compared to a GAAP net loss of $68.0 million or $0.12 per share for the fiscal year ended January 31, 2010. The non-GAAP net income was $381.6 million or $0.65 per share as compared to $141.4 million or $0.25 per share in fiscal 2010. The revenue rose to $3.54 billion from $3.33 billion the prior year.
The company expects revenue to be in the range of 6% to 8% sequentially for the first quarter, implying first quarter revenue of $939.56 million to $957.29 million. The GAAP gross margin for the first quarter is expected to be in the range of 48.5% to 49.5%.
NVIDIA Corporation stock is currently trading at $18.24. The stock is up 3.23% from its previous close. NVIDIA Corporation stock touched the high of $18.16 and lowest price in today�s session is $17.41.
The company stock has traded in the range of $8.65 and $26.17 during the past 52 weeks. The company�s market cap is $10.53 billion.
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