Nvidia 3Q Earnings more than Double

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Microchip maker Nvidia Corp. on Thursday said its fiscal third quarter profit has reached $178 million, more than double its earning last year, driven by strong demand for its computer chips worldwide.

Microchip maker Nvidia Corp. on Thursday said its fiscal third quarter profit more than double driven by strong demand for its computer chips worldwide.

In a report, Nvidia said its earnings reached $178.3 million or 29 cents per share for the quarter that ended October 3, more than 100 percent increase from $84.9 million or 15 cents per share a year ago.

Excluding one-time items, the company’s earnings per share reached 35 cents, or 8 cents higher than what analysts predicted.

Meanwhile, the California-based company said its revenue hit $1.07 billion or 26 cents per share, beating earlier analyst forecast of $1.06 billion for the period.

Jen-Hsun Huang, Nvidia co-founder and chief executive, attributed the strong performance for the quarter to the higher demand for its graphics processors as more gamers and professional computer users beef up purchase of laptops and other portable computer devices.

Huang, who has been the company’s CEO since 1993, said also said that Nvidia’s Tegra chip, which goes into smartphones and computer tablets, is also gaining ground as it hits shelves in a growing number of mobile devices.

The executive also said that they expect stronger growth in the coming year with the release of its Tegra 3 chip earlier this quarter.

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