Minus the payment to GF, there results weren't terrible. But what is telling is that ASP's for the graphics chips went up while revenue went down. That means not only did they bring in less revenue in their GPU division, they also sold fewer GPU's all around. Not exactly a winning combination. Nvidia's results should be interesting. I imagine their ASP will be down from a year ago (due to Fermi price drops), but depending on how well that drove their sales AND depending on how many GK104 chips they were able to ship in the quarter, they could have anywhere from OK to decent revenue and earnings.
On the mobile front, it does not seem like Tegra3 is getting the same adoption that Tegra4 had. I don't know for sure, but if I am right then that could be bad news for Nvidia. They need to transition to 28nm for Tegra STAT.
Nvidia needs to hurry up and integrate there 4g radio with Tegra, that's a big reason why you don't see many phones in the U.S with Tegra 3 chips. Take the HTC One line of phones for example, I believe all or most the European ones have Tegra chips (4g is not that big over there) while in the U.S they don't.
Nvidia bought Icera last year for this very reason so the have a complete SoC with radio, they said Tegra 3 with 4g integration should be available by years end. Until then there won't be many phones with Tegra 3 in the states which is probably why they lowered sales forecast for 2012.