Nvidia shareholders are likely having a hard time wiping the grins off their faces following the company's latest earnings report. For the quarter ending October 26, Nvidia earned $1.225 billion in revenue - a 16 percent increase compared to the same period a year ago, an 11 percent jump sequentially and ahead of analysts' estimates of $1.202 billion.

Profit for the quarter checked in at $173 million, or $0.31 per share; analysts were expecting $0.28 a share. During the year-ago quarter, Nvidia earned just $119 million in profit, or $0.20 per share.

Perhaps more impressive, however, is Nvidia's record-setting fiscal year performance. For the year to date, Nvidia has raked in $3.43 billion in revenue which is up a healthy 15 percent compared to the first three quarters a year ago.

In a statement on the matter, Nvidia chief Jen-Hsun Huang said growth drivers have kicked in for them on several fronts. High-performance computing, virtualization and web service providers have created demand for Nvidia GPU-accelerated datacenter platforms.

Automakers, he added, are using Tegra to help reinvent the driving experience while their new Maxwell architecture is a giant leap forward that has triggered a major upgrade cycle for PC gamers.

Looking ahead, Nvidia expects to earn $1.20 billion during the fourth quarter. Wall Street is anticipating results slightly under at $1.19 billion and at least $0.27 per share.