Nvidia's fourth quarter financial results were a bit of a mixed bag, and despite reporting revenue growth for the company's full fiscal year, investors reacted negatively to Nvidia's outlook for the first fiscal quarter of 2013. First things first -- the GPU maker reported revenue of $4 billion for the fourth quarter of 2011, up 12.8 percent from $3.54 billion in fiscal 2011, but down 10.6 percent from the previous quarter.
In a prepared statement, Nvidia president and chief executive officer, Jen-Hsun Huang, said he was happy with how things were going and where the company stands.
"I am pleased with our achievements last year. Our GPU business grew sharply. And, with the success of Tegra, we established our position in the mobile market," Huang said. "We expect continued growth ahead, as Tegra 3 powers a new wave of quad-core super phones and Kepler, our next-generation GPU architecture, sets new standards in visual and parallel computing."
Investors, however, weren't as optimistic after Nvidia said revenue in the first quarter of 2013 is expected to be between $900 million and $930 million. Analysts who responded to a Bloomberg survey had estimated $940.4 million on average, which might explain why shares of Nvidia fell 4.4 percent to $15.46 early this morning. According to Bloomberg, it was the biggest intraday decline since October 20, 2011, and the third biggest drop on the Standard & Poor's 500 Index today. At the time of this writing, shares of Nvidia are trading at $15.78.