By Yasin Ebrahim
Investing.com - NVIDIA (NASDAQ:NVDA) reported on Wednesday third quarter earnings that topped expectations, driven by record revenue in its gaming and data center businesses amid ongoing demand.
NVIDIA shares gained 3.7% in after-hours trade following the report.
NVIDIA announced earnings per share of $1.17 on revenue of $7.1 billion. Analysts polled by Investing.com anticipated EPS of $1.11 on revenue of $6.82 billion.
Revenue in its gaming business grew 42% to a record $3.22 billion for the quarter year-on-year, while its data center revenue also swelled to record of $2.94 billion, up 55% from a year earlier.
Looking ahead to Q4, revenue is expected to be $7.40 billion, plus or minus 2%,
Investor sentiment on Nvidia has been boosted recently as Wall Street anticipates demand for the chipmaker’s omniverse technology platform will be bolstered by Facebook’s investment to build out its metaverse platform.
"Omniverse will be used from collaborative design, customer service avatars and video conferencing, to digital twins of factories, processing plants, even entire cities. Omniverse brings together NVIDIA’s expertise in AI, simulation, graphics and computing infrastructure. This is the tip of the iceberg of what’s to come,” Nvidia said.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar