CORRECTED-UPDATE 1-Nvidia current-quarter revenue forecast misses Street

Noel Randewich
Friday, 8 Nov 2013 | 6:13 PM ET

(Corrects headline to show it is revenue forecast)

SAN FRANCISCO, Nov 7 (Reuters) - Nvidia Corp gave a revenue forecast for the current quarter that was shy of Wall Street's expectations as the graphics chipmaker faces tough competition in tablets and a slow personal computer market.

In its report on Thursday, the company announced a 13 percent increase in its quarterly dividend and said its board authorized an additional $1 billion for its stock repurchase program.

Revenue of $1.054 billion and net income of $119 million, or 20 cents a share, in the quarter ended in October compared with revenue of $1.204 billion and net income of $209 million, or 33 cents a share, in the year-ago quarter.

It said revenue in the fourth quarter would be $1.05 billion, plus or minus 2 percent.

Analysts on average expected revenue in the third quarter, which ended in October, of $1.052 billion and fourth-quarter revenue of $1.083 billion, according to Thomson Reuters I/B/E/S.

Nvidia shares were up 3.8 percent in extended trading after closing down 2.38 percent at $14.55 on Nasdaq.

(Reporting by Noel Randewich. Editing by Andre Grenon)

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