NVidia reported a 142 per cent year-on-year increase in revenues yesterday, returning $582.9 million in first-quarter revenues.
The company reported $240.9 million in revenues in the same quarter last year. Actual net income for the current quarter was $83.2 million; $0.47 per diluted share. The results beat Wall Street expectations.
NVidia president and CEO Jen-Hsun Huang said that his company is “extremely pleased” with the results. The company continues to gain market-share with its product portfolio.
“With our strong product families, deep product roadmaps, world-class engineering teams, and our proven execution record, we are confident that we can continue our progress in each product area we serve going forward," said Huang.
NVidia has become the world’s biggest seller of graphics chips and related products. Its products are used in a variety of Apple products; Micropsoft’s Xbox games console also uses solutions from the company. However, NVidia and Microsoft are currently involved in a pricing dispute.
NVidia shares climbed $1.48 yesterday, closing at $38.05.