By Asa Fitch

Nvidia Corp. reported a record quarterly revenue and profit, propelled by demand for videogaming and cryptocurrency and despite a broad-based shortage of semiconductors.

The chip maker on Wednesday posted net income for its most recent quarter of $1.91 billion, more than double the year-prior figure. Revenue also rose to $5.66 billion. Both profit and revenue exceeded expectations, according to analysts surveyed by FactSet.

Nvidia is the latest chip company to have enjoyed months of booming demand for computing power that has padded order books. The hot market has triggered shortages of some chips, affecting companies as varied as Apple Inc. and Ford Motor Co. and contributing to President Biden's recent call for $50 billion to strengthen the U.S. semiconductor industry.

Santa Clara, Calif.-based Nvidia, which last year became America's biggest chip company by value, specializes in graphics processors that have flown off the shelf with people flocking to videogaming for entertainment during the pandemic. The way those graphic chips work has also made them popular for other applications, including performing artificial-intelligence calculations and mining cryptocurrencies, further inflating demand.

"Across industries, the adoption of Nvidia computing platforms is accelerating," company Chief Executive Jensen Huang said in a statement.

The company said it expected revenue of around $6.3 billion for the current quarter, topping Wall Street's expectations.

The company's shares were little changed in after-hours trading.

Write to Asa Fitch at asa.fitch@wsj.com

(END) Dow Jones Newswires

May 26, 2021 17:07 ET (21:07 GMT)

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