Nvidia Reports Financial Losses
The revenue is down, but t least the losses are up: Nvidia released the financial report for the fourth quarter of fiscal 2009 and the fiscal year ended on January 25, 2009.
February 11, 2009
Last but definitely worst, Nvidia reminded everyone that the profit for the fiscal year 2008 was $797.6 million. For 2009, the company has to show only a loss of $30 million.
"The environment is clearly difficult and uncertain," said Jen-Hsun Huang, president and CEO of Nvidia. "Our first priority is to set an operating expense level that balances cash conservation while allowing us to continue to invest in initiatives that are of great importance to the market and in which we believe we have industry leadership. We have initiatives in all areas to reduce operating expenses."
Just in case Jen-Hsun Huang wasn't clear: “o reduce operating expenses” means that Nvidia is cooking a new round of budget cuts and layoffs. Do expect both of them any time soon.