On Thursday, Nvidia reported higher quarterly revenue, beating Wall Street forecast, driven by the company’s recent graphic chips for computers, and processors for cars and data centers.
For the third quarter ending October 26, the company’s revenue was posted at 1.225 billion dollars, up by 16% from the previous quarter, and beating analysts’ average forecast of 1.202 billion dollars.
Nvidia said that for the ongoing quarter, it expects 1.20 billion dollar revenue, adding or deducting 2%. On the other hand, the average estimate of analysts for the fourth quarter was at 1.198 billion dollars.
The company’s net income for the third quarter was 173 million dollars or 31-cent per share, from the 119 million dollars or 20-cent per share the same quarter the previous year. The company has 39 cents non-GAAP earnings for every share.
Nvidia has been struggling in the industry’s increased competition against other chip makers such as Qualcomm, especially products for tablets and smartphones. Thus, the company has escalated its efforts towards using its very own Tegra chips in empowering entertainment, as well as in advancing navigation systems in vehicles for BMW, Tesla, and Volkswagen’s Audi to name a few.
Revenue from its Tegra chips for the third quarter, both for mobile devices and cars jumped 51% to 168 million dollars.
The company’s larger personal computer graphics chips increased 13% to 991 million dollars, while the company shares rose 1.34% in extended trading, closing 0.45% up to 20.22 dollars on the NASDAQ.
Ryan Harris
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