Shares of graphics chipmaker
climbed more than 11% for the week after the company was able to convince investors its accounting troubles are behind it and its growth prospects remain sound. On Monday, the company said it would restate results for the past three years following an extensive review by the company's audit committee at the request of the
Securities and Exchange Commission
Nvidia said that its total net income for the three-year period would increase by about $1.3 million after the restatements. The company also said its chief financial officer was going on a "leave of absence" while it searched for a replacement.
Investors were apparently more interested in the company's earnings forecast, which it delivered simultaneously. Nvidia said it expects first-quarter earnings to triple from the year-ago period to a range of 45 cents to 48 cents a share, on revenue of $570 million to $580 million. The company's previous revenue estimate was $535 million to $540 million.