Yahoo Finance NVIDIA cuts its outlook by $100 million due to 2019 coronavirus
Its revenue was up 41 percent for the fourth quarter of FY 2020, though.
NVIDIA has published its earnings report for fiscal year 2020, and in it the chipmaker has revealed how much it thinks the 2019 novel coronavirus disease (COVID-19) would affect its business. The company has reduced its revenue outlook for the first quarter of fiscal year 2021 by $100 million to account for the disease's impact.
NVIDIA opted out of attending MWC 2020 due to coronavirus-related safety concerns before the organization behind the event decided to cancel it altogether. That's not the only tangible impact the virus has had on the industry, though. Apple had to close all its retail stores in mainland China out of an "abundance of caution." And since a lot of tech companies have factories in the country, their production has also been affected. The outbreak resulted in production and shipment delays for the Nintendo Switch in Japan, and it delayed the reopening of Foxconn's (mostly known for being an Apple supplier) factories after the extended Lunar New Year holiday.
As for the rest of the report, NVIDIA says its revenue for fiscal year 2020 was $10.92 billion, down 7 percent from a year earlier. However, its revenue for the fourth quarter ending on January 26th, 2020 is $3.11 billion. That's up 41 percent from $2.21 billion a year earlier, thanks to its technologies and products geared towards gaming and the world's growing interest in artificial intelligence.
