Shares of Nvidia in extended trading rose more than 5% after the company announced earnings in the third fiscal quarter, which exceeded expectations in terms of sales and profits. In parallel, the company released its revenue growth forecast for the current quarter, which will end in January.
Nvidia said it expects about $7.4 billion for the current quarter. This is bigger than analysts’ assumption of $6.86 billion. Nvidia shares are in the long run. They rose more than 124% to date. The company had more demand than it could fill. This is especially true of hard-to-find GeForce graphics cards, which are quite popular with gamers.
The company has made significant strides in data centers; Where large enterprises and cloud providers use graphics processors created by Nvidia for artificial intelligence applications.
Nvidia recorded sales of $2.9 billion in data centers, which is 55% more than last year. According to Nvidia CFO Colette Kress, the increase was driven by sales of GPUs for hyper-scale users such as Microsoft Azure, Amazon AWS, and Google Cloud.
Colette said consumers use chips to collect data, understand human speech, and offer recommendations to clients. Nvidia’s hugest market, Gaming, mentioned $3.2 billion in sales, up 42% from the exact quarter of 2020 year. The company mentioned this was because of the growing sales of GeForce user graphics processors; However, according to the company it has limited supply.
Nvidia gaming graphics cards currently have software that prevents them from mining cryptocurrencies. Nvidia introduced specially dedicated graphics cards for crypto mining earlier this year. The corporation sold $105 million in cryptocurrency-specific graphics cards, a dip of $266 million from the Summer quarter.
Nvidia’s automotive trade maintains a limited part of sales. The company said auto sales were $135 million, up 8% year-on-year; However, the data decreased by 11% compared to the previous quarter. Nvidia said the reason for the consistent decline is that automakers have other supply constraints.
Nvidia’s professional imaging product line has grown 144% year on year to a total of $577 million. The segment continues to grow as firms buy more powerful workstations for laptops for home use. Nvidia CEO Jensen Huang noted that the company could be one of the leading tech giants that make up the virtual world. Many think it will be a home for leisure, growing commerce, and advertising.
In parallel, Nvidia has introduced new software products for the Omniverse Enterprise that could be used to create virtual characters and unique 3D worlds.
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