
<PAGE>   1
                                                                    EXHIBIT 11.1

                                          3DFX INTERACTIVE, INC.
                                COMPUTATION OF NET INCOME (LOSS) PER SHARE
                                   (IN THOUSANDS EXCEPT PER SHARE DATA)

<TABLE>
<CAPTION>
                                    THREE MONTHS  ENDED  THREE MONTHS  ENDED  SIX MONTHS ENDED    SIX MONTHS ENDED
                                       JUNE 30, 1997        JUNE 30, 1996       JUNE 30, 1997       JUNE 30, 1996
                                    -------------------  -------------------  ----------------    ----------------
<S>                                  <C>                 <C>                 <C>                 <C>      
Net loss........................    (1,753)            $ (4,390)           $ (2,916)           $ (7,042)
                                    =======            ========            ========            ========

Weighted average common shares       9,261                1,918               8,971               1,881
outstanding

Weighted average common                 --                5,401                  --               4,960
   equivalent shares related to
   convertible preferred stock
   (using if-converted method)

Common equivalent shares               945                2,834               1,890               2,834
relating to stock options and
warrants issued (using the
treasury stock method)
subsequent to April 15, 1996
                                    -------            --------            --------            --------
Shares used in computing net....     10,206              10,153              10,861               9,675
loss per share                      -------            --------            --------            --------

Net loss per share..............    $ (0.17)           $  (0.43)           $  (0.27)           $  (0.73)
                                    =======            ========            ========            ========
</TABLE>



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