logo
Plus   Neg
Share
Email

Nvidia Q3 Revenue Miss, Outlook Weak; Shares Down 16%

Shares of Nvidia Corp. (NVDA) plunged 16% in extended session on Thursday after chip designer's third-quarter revenues and fourth quarter outlook fell short of Wall Street estimates.

Santa Clara, California-based Nvidia's third-quarter profit surged to $1.23 billion or $1.97 per share from $838 million or $1.33 per share last year.

Adjusted earnings for the quarter increased to $1.15 billion or $1.84 per share from $833 million or $1.33 per share last year. On average, 20 analysts estimated earnings of $1.71 per share for the quarter.

Nvidia's revenues for the quarter jumped 21 percent to $3.18 billion from $2.64 billion last year. Analysts had a consensus revenue estimate of $3.24 billion for the quarter.

Nvidia's gross margin for the quarter improved to 60.4 percent from 59.5 percent last year.

Looking forward to the fourth quarter, the company expects revenues of $2.70 billion, plus or minus two percent. Analysts currently estimate revenues of $3.40 billion for the quarter.

NVDA closed Thursday's trading at $202.39, up $5.20 or 2.64%, on the Nasdaq. The stock, however, slipped $32.12 or 15.87% in the after-hours trade.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Canada's new regulations that provide extra protection for airline passengers will kick in Monday, July 15. The new rules from the Canada Transportation Agency, which has received severe backlash from industry and consumer advocates, requires airlines to compensate passengers up to $2,400 if they... California-based Fieldsource Food Systems Inc. has recalled about 13,000 pounds of diced beef and chicken products due to misbranding and undeclared allergens. The company says the product contain wheat, a known allergen, but is not declared on the product label. The uncooked, marinated, diced beef... The U.S. may approve certain companies to re-start new sales to Chinese telecom equipment giant Huawei in as soon as two weeks, Reuters reported Sunday, citing a senior U.S. official. According to the report, licenses will be issued to the U.S. companies on a case-by-case basis, starting in the next two to four week. Huawei is the world's largest telecom equipment maker.
Follow RTT