NEW YORK (
) -- After
predicted higher fourth-quarter sales during its third-quarter earnings announcement, the company's shares are advancing before Friday's regular trading session.
Shares of Nvidia are trading at $13.13, up 4.1%.
After hours on Thursday, Nvidia said fourth-quarter revenue would likely be up 3% to 5% from the previous quarter, as it swung from a sequential loss.
The graphic chipmaker posted third-quarter net income of $84.9 million, or 15 cents a share, from net loss of $141 million, or 25 cents a share in the second quarter. Net income fell by 21% from $107.6 million, or 19 cents a share the same time last year.
Nvidia's earnings on an adjusted basis was 15 cents a share for the quarter, beating the consensus estimate by a penny and rising from 13 cents a share a year earlier.
"We have restored our speed of execution and are regaining share in desktops," Nvidia CEO Jen-Hsun Huang said in a press statement. "We have turned the corner."
Nvidia revenue rose by 4% to $843.9 million from $811.2 million in the prior quarter and declined by 6.6% from $903.2 million from the same time last year, falling below the consensus target of $844 million.
The company noted that it has started production on seven more graphic chips only seven months after shipping out its first Fermi architecture-based chips. Previously Nvidia had said that Fermi is the most sophisticated architecture for graphic chips ever built.
Nvidia stock is down 32.5% year-to-date.
-- Written by Andrea Tse in New York.
>To contact the writer of this article, click here:
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to:
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.