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In brief: Nvidia reported record revenue of $7.10 billion for the third quarter ending October 31, 2021. The figure represents a 50 percent increase compared to the same period a year ago, a nine percent increase quarter over quarter, and well above Wall Street expectations of $6.81 billion.
Earnings per share were $1.17, compared to the $1.11 return that analysts were anticipating.
Nvidia said record revenue from its gaming, data center and professional visualization divisions was responsible for its impressive quarter. Gaming accounted for $3.22 billion of the record haul, an increase of 42 percent year over year. Nvidia’s data center business, meanwhile, generated a healthy $2.94 billion in revenue, up 55 percent from the same period last year.
Shares in Nvidia are up more than nine percent on the news as of writing, and the company’s market cap has crossed the $800 billion mark for the first time.
Looking ahead to the holiday quarter, Nvidia said it expects revenue to be around $7.4 billion, plus or minus two percent.
As we’ve seen with others in the gaming space as of late, inventory shortages have proven to be the biggest hurdle to even more impressive numbers.
Scalpers continue to scoop up hardware in droves, reselling items like high-end video cards and game consoles on third-party marketplaces for huge profits. Major retailers aren’t helping the matter either, as some insist on continuing to only sell hardware online, making it even easier for scalpers’ bots to do their job. Ongoing component shortages and logistics issues only compound the issue.