Nvidia Corp beat third-quarter revenue forecasts, sending its shares skyrocketing, as the graphics chipmaker accelerates a push into the fast-growing mobile device market.
Shares of Nvidia leapt 19 percent to $15.90 in extended trading, from $13.41 at the Nasdaq close, after it said revenue will rise between 4 percent and 6 percent in the third quarter from the second.
That implies revenue of $1.06 billion to $1.08 billion. Analysts on average expected third-quarter revenue of $1.05 billion.
Nvidia's upbeat outlook on Thursday comes despite mounting economic uncertainty and concerns that spending on consumer electronics during the upcoming holiday shopping season may fall short of expectations.
Anxious to move beyond personal computers, which are suffering from lackluster sales, Nvidia has jumped into mobile devices this year, with its chips appearing in tablets and phones made by Samsung Electronics, Motorola Mobility and LG Electronics.
Revenue in the quarter of $1.02 billion was slightly above the $1.01 billion average estimate of analysts polled by Thomson Reuters I/B/E/S.
The company reported non-GAAP earnings of $193.5 million, or 32 cents a share, for the quarter ending July 31, up from $47.6 million, or 8 cents a share, in the year-ago period.
(Reporting by Noel Randewich; Editing by Richard Chang)