NvidiaShares rose by more than 11% after company announcements beat earnings and sales expectationsFor the third quarter.

Adjusted earnings per share for the chip company were $1.17, and revenues of $7.1 million. Analysts had expected earnings of $1.11 per share, and revenues to reach $6.82 trillion.

The earnings per share increased 60% over the past year and revenues were up by 50% compared to a year earlier. Nvidia said that it expected $7.4 Billion in revenue for the current quarter. This is more than the $6.86 billion predicted by analysts.

Nvidia stock had risen more than 124% in the year so far, as of Thursday morning. CNBC’s “Squawk on the StreetJim Cramer stated that it is slated to become the next trillion-dollar business. The rise of the share price Thursday led to its market capitalization exceeding $800 billion.

Data center sales increased 55% to $2.9 billion, compared with the previous quarter. Nvidia chips are being sought out by more customers for their artificial intelligence applications, such as understanding speech patterns and human speech. wrote Nvidia CFO Colette Kress.