Nvidia has released its quarterly reports and things are looking up for the green graphics team.

In its fiscal Q4, which ended January 31, the company earned $131.1 million on revenues of $982.5 million. A year ago, Nvidia lost $147 million and had revenues of just $481 million, or half of what it managed last quarter.

Surprisingly, despite the lack of new products, Nvidia managed to improve its margins from 43.4 percent in Q3 to 44.7 percent in Q4. A year ago, Nvidia's margin was 29.4 percent.

GPU shipments rose by 22 percent, driven by strong Quadro sales. However, the lack of new Fermi-based cards has probably hampered Nvidia's sales in the high end. The company expects revenues to stay flat over the next quarter. Provided it manages to ship Fermi in late Q1, things could start improving in Q2.