NVIDIA's fourth-quarter net profit of $207 million increased by 7% year-on-year

NVIDIA (NASDAQ: NVDA) recently released its financial results for the fourth quarter and full fiscal year ending January 31, 2015. The company reported strong performance across several key metrics, reflecting continued growth in its core businesses. For the fourth quarter of fiscal 2015, NVIDIA generated $1.401 billion in revenue, a 12% increase compared to the same period in the previous year and a 7% rise from the prior quarter. On a GAAP basis, net income reached $207 million, up 7% year-over-year, while diluted earnings per share remained flat at $0.35. Non-GAAP net income was $297 million, representing a 23% year-over-year increase. Gross margins also showed improvement. GAAP gross margin for the quarter was 56.5%, up 60 basis points from the previous year and 20 basis points from the prior quarter. Non-GAAP gross margin stood at 57.2%, an increase of 100 basis points year-over-year and 70 basis points sequentially. Operating expenses rose slightly, with GAAP operating expenses reaching $539 million, a 15% increase from the same period last year and a 10% rise from the previous quarter. Non-GAAP operating expenses were $445 million, up 6% year-over-year and 3% quarter-over-quarter. GAAP operating profit was $252 million, up 9% year-over-year, while non-GAAP operating profit climbed to $356 million, a 26% increase from the previous year. Net profit under GAAP was $207 million, down 16% from the previous quarter but up 7% year-over-year. Non-GAAP net profit increased by 23% year-over-year to $297 million. Looking at the full fiscal year 2016, NVIDIA's total revenue came in at $5.01 billion, up 7% compared to the previous year. GAAP gross margin improved to 56.1%, up 60 basis points from the prior year, while non-GAAP gross margin reached 56.8%, up 100 basis points. Operating expenses under GAAP rose 11% year-over-year to $2.064 billion, while non-GAAP operating expenses increased by 4% to $1.721 billion. GAAP operating profit decreased slightly to $747 million, but non-GAAP operating profit surged 18% to $1.125 billion. Net income under GAAP for the full year was $614 million, down 3% from the previous year, while non-GAAP net income grew by 16% to $929 million. Diluted earnings per share under GAAP fell 4% to $1.08, while non-GAAP diluted EPS rose 18% to $1.67. In terms of capital return, NVIDIA distributed $62 million in dividends during the fourth quarter and repurchased 4.3 million shares. For the full fiscal year 2016, the company returned $800 million to shareholders. It plans to return approximately $1 billion in fiscal 2017 through dividends and share buybacks. The next dividend of $0.115 per share will be paid on March 23, 2016, with the record date set for March 2, 2016. For the first quarter of fiscal 2017, NVIDIA expects revenue of $1.26 billion, with a range of ±2%. Gross margins are projected at 57.2% (GAAP) and 57.5% (non-GAAP), with a 50 basis point difference. Operating expenses are estimated at $500 million (GAAP) and $445 million (non-GAAP). The effective tax rate is expected to be around 19%, with a 1% variance. Capital expenditures are forecasted between $35 million and $45 million.

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