Q1 2011 Earnings Call
May 13, 2010 5:00 pm ET
Executives
Michael Hara - Senior Vice President of Investor Relations & Communications
David White - Chief Financial Officer, Principal Accounting Officer and Executive Vice President
Jen-Hsun Huang - Co-Founder, Chief Executive Officer, President and Director
Analysts
Michael McConnell - Pacific Crest
Glen Yeung - Citigroup Inc
Shawn Webster - Macquarie Research
Doug Freedman - Broadpoint AmTech, Inc.
James Schneider - Goldman Sachs Group Inc.
Alex Gauna - JMP Securities LLC
Kevin Cassidy - Thomas Weisel Partners Equity Research
Raj Seth - Cowen and Company, LLC
Patrick Wang - Wedbush Securities Inc.
Craig Berger - FBR Capital Markets & Co.
Arnab Chanda - Roth Capital Partners, LLC
Ambrish Srivastava - BMO Capital Markets U.S.
Timothy Luke - Barclays Capital
Presentation
Operator
Good afternoon. Thank you for holding. I would now like to turn the conference over to Michael Hara, Senior Vice President, Investor Relations. Thank you. Sir, you may begin.
Michael Hara
Thank you, operator. Good afternoon, and welcome to NVIDIA's Conference Call for the first quarter of fiscal 2011. With me on the call today from NVIDIA are Jen-Hsun Huang, President and Chief Executive Officer; and David White, Chief Financial Officer. After our prepared remarks, we will open up the call for a question-and-answer session. Please limit yourself to one initial question with one follow up.
Before we begin, I would like to remind you that today's call is being webcast live on NVIDIA's Investor Relations website and is also being recorded. A replay of the conference call will be available via telephone until May 20, 2010, and the webcast will be available for replay until our conference call to discuss our financial results for the second quarter of fiscal 2011. The content of today's conference call is NVIDIA's property. It cannot be reproduced or transcribed without our prior written consent.
During the course of this call, we may make forward-looking statements based on current expectations. These forward-looking statements are subject to a number of significant risks and uncertainties, and our actual results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our Form 10-K for the fiscal period ended January 31, 2010, and the reports we may file from time to time on Form 8-K filed with the SEC.
All of our statements are made as of today, May 13, 2010, based on information available as of today and except as required by law, we assume no obligation to update any such statements. Unless otherwise noted, all references to market research and market-shared numbers throughout the call come from Mercury Research or Jon Peddie Research.
One final note, our annual shareholders meeting is next week on May 19. For the first time, shareholders will be able to vote and ask questions online during the meeting, and please see our website for more information. With that, let's begin.
We are back in the high end of the Enthusiast segment. In April, we shipped our GeForce GTX 480 and 470 GPUs, the first products based on our next-generation QGPU [ph] architecture code name Fermi. The GeForce GTX 40 and 470 GPUs were designed from the ground up to excel at tessellation, the defining the feature of DirectX 11.
Geometric fidelity is one of the most important new looks for the next-generation graphics. So instead of just being compatible with DX11, we created a DX 11 tessellation monster. GTX 480 is 8x faster than the competition. Reception for the new GeForce 400 series amongst gamers and press has been phenomenal. Just last week, the GTX 480 was validated as the fastest GPU on the world when KIngpIn and Shamino, two world-class overclockers, used the 480 to break world records on the Futuremark 3DMark Vantage Hall of Fame.
GTX 480 is DX11 done right. Bjorn3D stated, "The GTX 400 lineup eats tessellation and ray tracing for breakfast, and has the advantage in every benchmark in game using those technologies so far as it's not a hard call." Futurelooks.com wrote, "There is no question that the NVIDIA GTX 480 is the king of tessellation. The GTX 400 series GPUs also provide a significant higher computational capability, which will allow game developers to increase the level of physx realism via our PhysX API. With our leadership position in DX11, combined with the incredible experience in the PhysX and 3D Vision provide, we expect to take back share in the Enthusiast segment.
In the first quarter, we shipped a few hundred thousand units as yields have exceeded our expectations. The 480 and 470 are widely available worldwide and continue to sell out on a weekly basis. More importantly, being back in the Enthusiast segment is a positive driver of revenue and profitability growth.
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