NVIDIA spends $ 2.7 billion to repurchase its shares on the background of setbacks second quarter
NVIDIA announced the allocation of $ 1 billion on its programme of fencing own shares, the budget which now totals $ 2.7 billion, despite the quarterly figures were below expectations, shares in the company rose by 10%.
The Director-General Juan Dzhensun (Jen-Hsun Huang) called the results disappointing second quarter and said that this situation is caused by a recession in the PC market and competition in pricing. The developer is experiencing increasing competition from Advanced Micro Devices Inc. and Intel Corp. These companies are aggressive in the market graphics processor. Huang said that while difficult to determine the time of stabilization in the market desktop computers. “Our market share remained at the same level, but the situation remains fragile.”
Net loss for the second quarter amounted to $ 120.9 million or $ 0.22 per share, a year ago while the company announced profit of $ 172.7 million ($ 0.29 per share). Excluding certain items of expenditure, revenue NVIDIA during the period reached $ 0.13 per share, which was below average market expectations of analysts, said about $ 0.17 per share.
Report for the past quarter includes expenses of $ 196 million to cover the cost of warranty, repair, replacement and other cases related to some versions of products used in laptops. Revenue reached $ 892.7 million, a 5% below last year’s figure equal to $ 935.3 million, and was lower than $ 907.6 million, analysts predicted the stock market. The company expects that in the third quarter revenue will grow slightly.
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