NVIDIA Corporation (NASDAQ:NVDA) reported net income above Wall Street’s expectations for the third quarter. Net income for the semiconductor company rose to $178.3 million (29 cents per share) vs. $84.9 million (15 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter. Revenue rose 26.3% to $1.07 billion from the year earlier quarter. NVDA beat the mean analyst estimate of 26 cents per share. Analysts were expecting revenue of $1.06 billion.
“NVIDIA’s strategy is coming into its own, as the world becomes increasingly visual and mobile,” said Jen-Hsun Huang, president and chief executive of NVIDIA. “Our GPU business accelerated in the third quarter, driven by strong demand from gamers and the professional market. And our mobile business benefited from new devices coming onto the market.”
Competitors to Watch: Advanced Micro Devices, Inc. (NYSE:AMD), Intel Corporation (NASDAQ:INTC), Texas Instruments Inc. (NYSE:TXN), Broadcom Corporation (NASDAQ:BRCM), QUALCOMM, Inc. (NASDAQ:QCOM), Microsoft Corporation (NASDAQ:MSFT), Silicon Image, Inc. (NASDAQ:SIMG), Pixelworks, Inc. (NASDAQ:PXLW), Marvell Tech. Group Ltd. (NASDAQ:MRVL), and ARM Holdings plc (NASDAQ:ARMH).
Molycorp Inc. (NYSE:MCP) reported its results for the third quarter. Molycorp is a rare earth oxide producer in the Western Hemisphere. Reported a profit of $48.4 million (52 cents per diluted share) in the quarter. Molycorp Inc. had a net loss of $10.1 million or a loss 14 cents per share in the year earlier quarter. Revenue rose to $138.1 million.
“During the third quarter, we achieved record sales, margin, and income,” said Mark Smith, Molycorp President and Chief Executive Officer. “This is a phenomenal accomplishment by our Molycorp family, particularly as we have simultaneously announced accelerated plans for Project Phoenix Phase1 and two at Mountain Pass.”
Competitors to Watch: Avalon Rare Metals Inc (AMEX:AVL), Thompson Creek Metals Co., Inc. (NYSE:TC), Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), 3M Company (NYSE:MMM), PolyMet Mining Corp. (AMEX:PLM), General Moly, Inc. (AMEX:GMO), Karat Platinum Inc. (KRAT), TapSlide, Inc. (TSLI), Denia Enterprises Inc (DNIA), and Thompson Creek Metals Co., Inc. (NYSE:TCM).