Graphics chip maker Nvidia posted a sharply higher quarterly profit Thursday on stronger sales of its products, especially ones for laptop computers. Nvidia also forecast that its sales would rise by more than what Wall Street was expecting, and its shares rose 7 percent.
"They had great numbers, it"s hard to complain," said Doug Freedman, an analyst with American Technology Research. Nvidia said that net profit for its third quarter jumped to $235.7 million, or 38 cents per share, from $106.5 million, or 18 cents per share, a year earlier. That beat the average forecast of Wall Street analysts for a net profit of 34 cents per share, according to Reuters Estimates.