SANTA CLARA, Calif. -- Hit hard by a slowdown in the PC sector, Nvidia Corp. here today lowered its forecast for the second quarter of 2002, ended July 28.
Nvidia--which had been the stellar performer in the otherwise lackluster PC semiconductor market--expects to report total revenues of approximately $410-to-$430 million for the quarter, down 26.2-29.7% from $582.9 million in the previous quarter. It also posted a profit of $83.2 million, or $0.47 a share, in that period.
In the like period a year ago, the company posted a profit of $33.6 million, or $0.39 a share, on sales of $260.3 million.
The decrease in revenues from the prior period was primarily the result of broad weakness in the PC market. In addition, the company expects to take a significant inventory write-off in the second quarter.
Including the inventory write-off, the company expects its earnings for the second quarter to be at or above break-even.