Nvidia, Based In Santa Clara, Posts Massive Profit Of $838M

SANTA CLARA, CA — Nvidia Corp., a graphics processing unit company based in Santa Clara, reported a fiscal third-quarter profit of $838 million. The company on Thursday said it had net income of $1.33 per share.

The results far surpassed Wall Street expectations, as the average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.

Nvidia makes graphics chips and processors for phones and tablets. It posted revenue of $2.64 billion in the period, which also beat Wall Street forecasts. Eleven analysts surveyed by Zacks expected $2.36 billion.

For the current quarter ending in January, Nvidia said it expects revenue in the range of $2.6 billion to $2.7 billion.

Nvidia shares have risen 92 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 15 percent. In the final minutes of trading on Thursday, shares hit $205.32, nearly tripling in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NVDA at https://www.zacks.com/ap/NVDA

Photo credit: Manu Fernandez/Associated Press