Nvidia Records Loss as Company Redeems Underwater Options
Updated from 5:17 p.m. EST
Graphics chipmaker Nvidia (NVDA Quote) posted a sizeable loss in earnings in its third quarter, reflecting its decision to swap out underwater stock options. It also issued what has become standard guidance from chipmakers, predicting flat revenue growth in the quarter underway.
The company lost $48.6 million, or 32 cents per share, a steep drop-off from its year-ago profit of 24 cents a share. The results reflect a charge of $61.8 million because the company swapped underwater employee stock options for fully vested shares of common stock.
After the bell, shares dropped sharply, losing $1.02 or 7%, to $13.56. Earlier, on a day when most chipmakers finished in the red, Nvidia finished down $1.63 or 10.1%. ...
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