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UPDATE 1-Nvidia profit, revenue beats on gaming chip demand

(Compares with estimates, share movement)

Nov 14 (Reuters) - Nvidia Corp beat Wall Street estimates for third-quarter revenue and profit on Thursday on higher demand for its gaming chips and predicted strong growth in data center business, sending shares up 2% in extended trading.

Revenue from gaming business, the biggest contributor to sales, fell 6% to $1.66 billion, but beat analysts' estimate of $1.54 billion, according to FactSet.

The company said seasonal weakness in demand for its gaming cards used in personal computers and laptops would hurt its fourth-quarter performance.

Nvidia expects fourth-quarter revenue of $2.95 billion, plus or minus 2%, while analysts on average were expecting $3.06 billion, according to IBES data from Refinitiv.

Total revenue in the reported quarter fell 5% to $3.01 billion, but was above expectation of $2.91 billion.

Excluding items, it earned $1.78 per share, above estimates of $1.57.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur)