Nvidia Corporation (NASDAQ: NVDA) has reported a 50% increase in third-quarter revenues, reflecting the strong demand for data-center and gaming chips. Both earnings and revenues exceeded Wall Street’s prediction.
The graphics chipmaker reported adjusted earnings of $1.17 per share for the October quarter, up from $0.73 per recorded a year earlier. Net income climbed to $2.46 billion or $0.97 per share from $1.34 billion or $0.53 per share in the third quarter of 2021.
Revenues grew 50 annually to $7.1 billion during the three-month period and came in above the estimates, helped by record revenue from the gaming, data center, and professional visualization market platforms.
“Demand for NVIDIA AI is surging, driven by hyper-scale and cloud scale-out, and broadening adoption by more than 25,000 companies. NVIDIA RTX has reinvented computer graphics with ray tracing and AI, and is the ideal upgrade for the large, growing market of gamers and creators, as well as designers and professionals building home workstations,” said Jensen Huang, chief executive officer of Nvidia.
Read management/analysts’ comments on Nvidia’s Q3 results
The company’s stock traded sharply higher in the early hours of Thursday, after closing the previous session lower. In the past twelve months, the value more than doubled.
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