Shares of Nvidia Corp hit a record on Friday, after it posted stellar quarterly results powered by higher demand for graphics chips used in gaming and data centers, and the rapid adoption of its new Volta chips for AI and driverless cars.
Shares of this chipmaker rose about 6 percent in morning trade on Friday – hitting a record of $217.18.
CEO Jensen Huang called it a “great quarter across all of our growth drivers.“
“Our Volta GPU has been embraced by every major internet and cloud service provider and computer maker. Our new TensorRT inference acceleration platform opens us to growth in hyperscale datacenters. GeForce and Nintendo Switch are tapped into the strongest growth dynamics of gaming. And our new DRIVE PX Pegasus for robotaxis has been adopted by companies around the world. We are well positioned for continued growth” said Huang.
Revenue in the three months ended in October rose 32%, year over year, to $2.64 billion, yielding EPS of $1.33. Analysts had been modeling $2.37 billion and 95 cents per share.
Gross profit rose to 59.5% from 58.4% in the prior quarter, and 59% a year earlier, on a GAAP basis, and to 59.7% from 58.6% and 59.2% on a non-GAAP basis. The company credited the “mix” of chips for video games, and also the rise in data center revenue.
