NVIDIA Beats the Street – UP Over 5% in After Hours Trading

Posted by at 4:47 pm on November 10, 2011

NVIDIA has posted results for its third quarter of 2012 that it credited to the rise of smartphones and tablets using the Tegra 2. Revenue for the quarter was $1.07 billion, up 4.9 percent from the prior quarter, and grew 26.3 percent over $843.9 million recorded in the same period last year. The Consumer Products group, which includes the Tegra 2 chips, saw its revenue grow 14 percent over just the spring alone.

The results exceeded Wall Street’s expectations, and the chipmaker’s stock rose over five percent after the news.

Revenues from NVIDIA’s original business, graphics chips for PCs, grew by only one percent over the previous quarter. Much of the slow growth can be attributed to the drop in sales of PCs in the US and Europe. For NVIDIA and PC makers, this was more than offset by increased demand in China and developing countries.

Another bright spot in NVIDIA’s performance outside of mobile was a 9.5 percent revenue growth in its Professional Solutions operation, which is responsible for the Quadro and Tesla graphics chips used in workstations.

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