Nvidia beats Street 3Q forecasts
SANTA CLARA, Calif. (AP) — Nvidia Corp. (NVDA) on Thursday reported fiscal third-quarter net income of $246 million.
The Santa Clara, California-based company said it had net income of 44 cents per share. Earnings, adjusted for one-time gains and costs, were 46 cents per share.
The results topped Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The maker of graphics chips and processors for phones and tablets posted revenue of $1.31 billion in the period, also surpassing Street forecasts. Fourteen analysts surveyed by Zacks expected $1.18 billion.
Nvidia shares have risen 38 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2 percent. In the final minutes of trading on Thursday, shares hit $27.71, a climb of 38 percent 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 http://www.zacks.com/ap/NVDA
Keywords: Nvidia, Earnings Report