Last month, we quoted numbers from Jon Peddie Research that said shipments of graphics cards had risen 20% from the second quarter to the third. Nvidia's latest financial results are a testimony to this growth, as the company says its quarterly revenue has climbed past the $1 billion mark for the first time ever.
For the third quarter of its 2008 fiscal year, which ended on October 28, Nvidia posted revenue of $1.12 billion—a rise of 36% compared to the same time last year, when Nvidia's revenue added up to $820.6 million. Net income rose a staggering 121% over the same time period, from $106.5 million in Q3FY2007 to $235.7 million in Q3FY2008. These latest results also compare well to those for the second quarter of Nvidia's 2008 fiscal year, when the company posted revenue of $935.3 million and net income of $172.7 million.
Nvidia credits record revenue for its GeForce desktop and notebook graphics cards, as well as its Quadro professional cards, for the increase. Compared to the same time period last year, Nvidia says desktop GPU sales increased 33%, notebook GPU sales increased 120%, and Quadro sales rose 37%. Nvidia CEO Jen-Hsun Huang comments, "We are very proud to have achieved our first billion dollar quarter. And, while it is a wonderful milestone to reach, we believe this is just the beginning."