Nvidia posts loss as inventory eases
For the first quarter, graphics chipmaker announces that revenue fell 42 percent but inventory cleared.
On Thursday, Nvidia reported a first-quarter loss, as revenue fell 42 percent from last year. But the graphics chipmaker said inventory was easing.
The company announced a net loss of $201.3 million, or 37 cents a share. Last year in the same period, the company posted a profit of $176.8 million, or 30 cents a share.
Revenue was $664.2 million, down from $1.15 billion for the same period last year. This was better than the analysts' average estimate of $534.4 million, however.
Adjusted net loss was 9 cents a share. Analysts had expected a loss of 10 cents a share, according to Reuters estimates.
"We made good progress managing expenses and significantly reducing inventory," said Jen-Hsun Huang, CEO of Nvidia, in a statement. Inventory decreased from 144 to 64 days sequentially. Revenue grew 38 percent sequentially from the previous quarter.