Revenue rose to $2.00 billion from $1.31 billion.
The company's net income rose to $542 million, or 83 cents per share, in the third quarter ended Oct. 30 from $246 million, or 44 cents per share, a year earlier.
"We had a breakout quarter - record revenue, record margins and record earnings were driven by strength across all product lines," said Jen-Hsun Huang, founder and chief executive officer, NVIDIA. "Our new Pascal GPUs are fully ramped and enjoying great success in gaming, VR, self-driving cars and datacenter AI computing.
"We have invested years of work and billions of dollars to advance deep learning. Our GPU deep learning platform runs every AI framework, and is available in cloud services from Amazon, IBM, Microsoft and Alibaba, and in servers from every OEM. GPU deep learning has sparked a wave of innovations that will usher in the next era of computing," he said.
Revenue from the company's graphics processing units business, which contributes 85 percent of its total revenue, rose 52.9 percent to $1.70 billion in the quarter.
Nvidia has diversified into newer areas, ranging from virtual reality to chips used in self-driving cars.
Revenue from the company's automotive business, which recently signed an agreement to supply chips for Tesla Motors's Autopilot system, soared 60.8 percent to $127 million.
Nvidia forecast revenue to increase to $2.10 billion, plus or minus two percent, in the current quarter.
Nvidia also increased its quarterly dividend to 14 cents per share from 11.5 cents per share and also authorized an additional $2 billion under its buyback program.