Nvidia beats Street 3Q forecasts

Markets Associated Press

Nvidia Corp. (NVDA) on Thursday reported fiscal third-quarter earnings of $542 million.

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The Santa Clara, California-based company said it had profit of 83 cents per share.

The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.

The maker of graphics processors for gaming, data center, artificial intelligence and automotive applications posted revenue of $2 billion in the period, also surpassing Street forecasts. Twelve analysts surveyed by Zacks expected $1.68 billion.

For the current quarter ending in January, Nvidia said it expects revenue in the range of $2.1 billion. Analysts surveyed by Zacks had expected revenue of $1.69 billion.

Nvidia shares have more than doubled since the beginning of the year, while the Standard & Poor's 500 index has risen 6 percent. The shares ended Thursday at $67.77, more than doubling in the last 12 months.

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Elements of this story were 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

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Keywords: Nvidia, Earnings Report

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This story has been corrected to describe the company as a maker of graphics processors for gaming, data center, artificial intelligence and automotive applications. It is no longer in the market for phones and tablets.