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Share option move takes Nvidia to Q3 loss

Sales carry on climbing

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Nvidia Q3 sales were $430.3m, up 18 per cent on the same period last year ($365m). But it was a very different story so far as profits were concerned, with the graphic chip firm tumbling into loss controversial and expensive decision to convert underwater employee share options into fully vested stock.

Net loss in Q3, fiscal 2003 was $48.6m (net income of $41.3m in Q3, FY 2002), on the back of a special charge of $61.8m for the share options exchange. This doesn't affect Nvidia's trading position or cash flow and the company continues to grow strongly, in the teeth of the worst tech recession for more than a decade.

Nine month sales up to Oct 27, 2002 were $1.44bn, up a stonking 66 per cent on last year ($865.8m). Net income during the same period was $39.9m, in other words slightly above the same period last year ($100.9m) if you factor in the cost of the share option exchange.

Nvidia recently lost the graphics performance crown to ATI's RADEON 9700 chip, but confidently expects to win it back with NV30, its much-leaked, much-speculated, much-hyped next-gen graphics chip. ®

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