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Nvidia swats down analyst expectations with its second quarter earnings, showing a growth of 12.9 percent from last quarter. The company is currently resting at $1.04 billion, up from $924.9 million.
“Our investments in mobile computing and visual computing are both paying off,” said Jen-Hsun Huang, the president and chief executive officer of Nvidia. “Tegra has achieved record sales as tablets come into their own. Our GPU business made strong gains in a weak market, boosted by our breakthrough Kepler architecture. Looking ahead, we’re optimistic, as our investments position us right at the center of the fastest growing segments of computing.”
Analyst projections for Nvidia’s second quarter were not entirely positive despite Samsung’s success with the Galaxy S III tablet and Google’s $199 Nexus 7 tablet. The Nexus 7 utilizes the Nvidia Tegra 3 chip, which is a power-regulating quad-core processor. Microsoft also announced that the Tegra 3 is in its Surface tablets.
Nividia’s profitable leap caused its stock price to break $15 per share.
During the first quarter, Nvidia’s earnings were down 3.3 percent from Q4 2011, driven down by hard drive shortages caused by the a lack of demand for graphics processing units (GPUs). Nividia projects its Q3 earnings between $1.15 billion to $1.25 billion as products utilizing the Tegra 3 processor continue to sell well.