NEW YORK (AP) — Nvidia's stock climbed Friday after third-quarter profit topped Wall Street expectations and it raised its quarterly dividend by 13 percent.
THE SPARK: Nvidia Corp., which makes graphics chips and processors for phones and tablets, reported adjusted earnings of 26 cents per share on revenue of $1.05 billion. Analysts surveyed by FactSet predicted earnings of 19 cents per share on revenue of $1.05 billion.
The Santa Clara, Calif., company also increased its quarterly dividend to 8.5 cents per share from 7.5 cents per share. The dividend will be paid on Dec. 13 to shareholders of record on Nov. 21.
Nvidia said Thursday that it plans to return $1 billion in fiscal 2015 through buybacks and dividend payments. Its board approved an additional $1 billion under its repurchase program, making about $1.29 billion available through January 2016's end.
SHARE ACTION: Up 68 cents, or 4.6 percent, to $15.22 in afternoon trading. The stock is up 19 percent for the year to date.
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Original headline: Nvidia climbs as 3Q adj. profit beats Street
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