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Nvidia sees growth in GPUs, has record year - and pegs hopes on VR

The graphics chip company has seen major improvements in GPU sales this year, and its outspoken CEO Jen-Hsun Huang hopes that VR, in part, can drive its business further.

Nvidia announced its full-year results for its fiscal 2016 today, and also its fourth quarter results for the three-month period ended January 31, 2016; the company's GPU business is booming. 

Its 2016 fiscal revenue was $5.01 billion, a company record; its quarterly revenue was $1.4 billion, up 12 percent year-on-year from $1.25 billion in the comparable quarter. The company's net income for 2016 was $614 million.

Nvidia is hoping that excitement around the VR market will drive demand for its graphics chips, though it also has seen boosts in other segments of late: "PC gaming, VR, deep learning, and self-driving cars" are all focuses of the company's tech, said CEO Jen-Hsun Huang in a statement alongside its results.

But adoption of VR is particularly attractive to the company. "We can grow by introducing new game platforms. The installed base of 100 million GeForce gamers in the world has a chance to upgrade when that happens," Huang said, in the company's investor call, as reported by VentureBeat.

Nvidia's shares are up over 7 percent in after-hours trading as of this writing, as the company beat analysts' revenue and earnings forecasts for both the quarter and the full year. 

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