NVIDIA (NASDAQ: NVDA) today reported revenue of $843.9 million for the third quarter of fiscal 2011 ended Oct. 31, 2010, up 4.0 percent from the prior quarter and down 6.6 percent from $903.2 million from the same period a year earlier. On a GAAP basis, the company recorded net income of $84.9 million, or $0.15 per diluted share, compared with a GAAP net loss of $141.0 million, or $0.25 per share, in the previous quarter and GAAP net income of $107.6 million, or $0.19 per diluted share, in the same period a year earlier. GAAP gross margin was 46.5 percent compared with 16.6 percent in the previous quarter and 43.4 percent in the same period a year earlier. "We have turned the corner," said Jen-Hsun Huang, NVIDIA's president and chief executive officer. "We have restored our speed of execution and are regaining share in desktops. Only seven months after shipping our first processor based on the Fermi architecture, we have begun production on seven more GPUs, including the GeForce GTX 580, which sets a new standard for performance. The Fermi architecture is now in every segment of our desktop, notebook and workstation product lines. "We've also made big strides this quarter in positioning ourselves at the center of cloud and mobile computing, which are transforming the computer landscape. Tesla now powers some of the world's fastest and greenest supercomputers. And Tegra will soon be featured in a range of smartphones and tablets we're building with our partners," he said. Outlook The outlook for the fourth quarter of fiscal 2011 is as follows: Revenue is expected to be up 3 to 5 percent from the third quarter. GAAP gross margin is expected to be flat. GAAP operating expenses are expected to be approximately $300 million. GAAP tax rate is expected to be 18 to 20 percent. Third Quarter Fiscal 2011 Highlights: NVIDIA held the second annual GPU Technology Conference, which highlighted the growth of parallel computing, with five times more papers submitted and twice as many sessions. The Tianhe-1A supercomputer, which incorporates 7,168 GPUs, was unveiled as the world's fastest supercomputer. Housed in the National Supercomputer Center, in Tianjin, China, the system is three-times more energy efficient than an equivalent CPU-only system and takes up half as much floor space. NVIDIA launched 12 new GPU products, including the NVIDIA GeForce GTS 450 and GT 430. After quarter end, NVIDIA launched and shipped the GeForce GTX 580 graphics card, which was received positively by media and industry analysts.