The recession isn't doing Nvidia any favors. The firm has announced another quarterly loss: $201.3 million on revenue of $664.2 million for its first fiscal quarter, which ended on April 26.
Nvidia tinges the announcement with a note of positivity, saying revenue has grown 38% compared to its previous fiscal quarter. Of course, $664.2 million is still a far cry from the $1.2 billion it posted a year ago—Nvidia's "best first quarter ever." (A year before that, the firm posted a not-quite-as-impressive $844.3 million in sales.)
Net losses have also grown sequentially, from $147.7 million two quarters ago to $201.3 million last quarter, a 36% increase. There's more to that than meets the eye, however. Nvidia says it wrote off a one-time $140.2 million charge related to "a previously announced cash tender offer to purchase employee stock options." Non-GAAP net losses not including that charge are a somewhat scanter $46.7 million.
Nvidia CEO Jen-Hsun Huang wraps up the announcement by commenting, "We made good progress managing expenses and significantly reducing inventory, while continuing to invest in our growth strategies."