Earnings report leaks to small group forcing company to publish the official report a day earlier than expected.
Nvidia reported its quarterly earnings late Tuesday — two days earlier than expected — because of a slip-up by its Investor Relations department.
Shortly after Nvidia’s Investor Relations department accidently sent out preliminary figures for the company’s first quarter earnings to a group of 100 people, Nvidia released the full earnings via a press release late Wednesday in order to ensure that no group had an unfair advantage with proprietary information before the official earnings call on Thursday.
“This press release is being issued because a preliminary draft of the company’s financial results for the first quarter of fiscal 2015 was inadvertently emailed to an internal distribution list of about 100 individuals. Because of this error, these results are being provided to the market in advance of trading in Nvidia stock today as a precaution,” the company said in a statement.
According to the report, Nvidia’s income for the fiscal year’s first quarter was $136.5 million, 7 percent less than last quarter but over 75 percent more than the same time last year. For revenue Nvidia posted $1.10 billion which amounted to a year-over-year increase of 16 percent, but down 4 percent from last quarter. This number did beat the expectations of most analysts, who were expecting revenues of $1.08 billion according to a poll done by Yahoo Finance.
The report did not contain any commentary by executives. This will be done after the earnings call on Thursday.
Although the report was devoid of commentary, the big jump in earnings can likely be attributed to strong sales of its Quadro and Tesla graphics lines. Reportedly Tegra, the mobile SoC that Nvidia had to resort to giving away in Shield, has garnered interest from luxury automotive makers to power in car entertainment systems, which will likely result in that once beleaguered unit posting some gains on Thursday.
Nvidia’s full earnings report and call is scheduled for 2pm Pacific Time on Thursday May 8.