NvidiaStock rose more than 3% following Wednesday’s reported earnings for the third quarter. This beat both sales and earnings expectations.

Additionally, the company issued an optimistic forecast of revenue for the quarter that ended in January.

This is how it compared to the consensus Refinitiv expectations for quarter ending October 31.

• Earnings$1.17 adjusted vs $1.11 anticipated, an increase of 60% year-overyear
• Revenue$7.10 billion compared to $6.82 billion anticipated, an increase of 50% year-overyear

Nvidia stated that it expected to report $7.4 Billion in its current quarter ending January. This is higher than analysts’ expectations of $6.86 Billion.

Nvidia shares have seen a huge run with shares rising more than 124% year-to-date. Nvidia has seen more interest than it can meet, particularly for the hard-to-find graphics card, which are popular among gamers as well as cryptocurrency miners. Nvidia released dedicated graphics cards to crypto mining earlier in the year.

Nvidia’s largest market was gaming, with $3.2 billion of sales. This is 42% more than the $2.27 billion reported in the previous quarter. According to the company, this was due to an increase in sales of GeForce consumer graphic processors that are now protected from cryptocurrency mining.

Nvidia said it sold $105 million in cryptocurrency-specific chips.

Nvidia has made significant progress in the area of data centers. Cloud providers and large enterprises increasingly turn to Nvidia graphics processors for their artificial intelligence applications.

Nvidia recorded $2.9 billion data center sales in Q2, up 55% on the $1.9 billion reported in the same period last year. Colette Kress, Nvidia’s chief financial officer, stated that GPU sales were driving the company’s growth to “hyperscale clients for cloud computing.” This industry term refers to cloud providers like Amazon AWS and Microsoft Azure.

Kress explained that the chips were being used by customers for various tasks, such as understanding speech patterns and crunching numbers to provide customer recommendations.

Last week, Nvidia CEO Jensen Huang suggestedIt could become a major supplier to tech companies working on the “metaverse,” which is a virtual realm that many believe will support increasing levels of commerce, advertising and recreation. Nvidia introduced “Omniverse Enterprise,” a new set of software products that allows you to build virtual characters, translate speech, and create 3D worlds.

Nvidia’s automotive business is still a tiny part of sales, despite other chipmakers investing large in its potential growth to become a multibillion-dollar industry in the coming decade.

Nvidia reported that automotive sales reached $135million, an increase of 8% per year, but a decrease of 11% over the quarter before. Nvidia stated that automakers were experiencing supply issues, and that self-driving software using its processors continues to grow.

Nvidia’s Professional Visualization product line increased 144% each year to $577 millions. This business focuses on professional-grade graphics processors.

Nvidia has begun to buy Arm, an American vendor that supplies core semiconductor technology for mobile phones. An investigation was opened by the European Commission into this transaction. last month.

In its third quarter earnings report, the company stated that although regulators and certain Arm licensees expressed concern or object to the transaction, it still believes in the merits of Arm’s acquisition to Arm and its licensees.

Nvidia stated that it paid out dividends of $100 million during the quarter.