Nasdaq-listed Nvidia Corp has posted earnings per share (EPS) of 44 cents registering a 42 percent growth from previous year's 31 cents during the third quarter ending October 2015.

The graphics processor manufacturer witnessed encouraging growth in its cloud computing and virtual reality businesses. The company is focusing on creating a specialized visual computing platform for its growth markets. 

The company has posted revenues of $1.305 billion seven percent up from $1.225 billion in the previous quarter and 13 percent growth rate from previous quarter's $1.153 billion.

Non-GAAP earnings per diluted share were 46 cents, an 18 percent up from 39 cents a year earlier and 35 percent growth from the previous quarter. 

Nvidia is keen on virtual reality, deep learning, cloud computing, and autonomous driving as these businesses are developing at higher growth rate.

Jen-Hsun Huang, co-founder and chief executive officer, Nvidia, said: "Our record revenue highlights Nvidia's position at the center of forces that are reshaping our industry."

Nvidia paid$53 million in cash dividends. As part of its share repurchasing exercise, it received 4.6 million shares during the quarter. 

The company has returned $604 million to shareholder in the first nine months this fiscal year so far and is planning to return $800 million to shareholder in 2016. 

The maker of graphics processors is witnessing a decline in desktop PCs and notebook markets, which impacted its revenues in 2014.

The drop in these segments continued this year as well. However, the continued strength in PG gaming and mobile platforms, data center, cloud solutions and  automobiles is driving revenues for Nvidia, which is also focusing mostly on top 30 percent of the market.

Nvidia has announced 18 percent more in quarterly cash dividend to $0.115 per share from $0.0975 per share. The company will pay next quarterly cash dividend on 14 December 2015 and the record date for it is 20 November 2015.

The gross margin for the third quarter down 0.2 percent to 55.2 percent on yearly basis and drop was 0.9 percent on a quarterly basis. Operating expenses were up five percent to $463million and net income rose 35 percent to $173 million on a quarterly basis and 55 percent on year-on-year basis. 

Jen-Hsun Huang further said: "We're playing an important role in all of them. We continue to make great headway in our strategy of creating specialized visual computing platforms targeted at important growth markets. The opportunities ahead of us have never been more promising."