Technology
Nvidia sinks after cutting its guidance
-
Nvidia topped Wall Street’s earnings expectations on
Thursday but cut its third-quarter revenue
forecast. -
The chipmaker now expects third-quarter revenue to be
around $3.25 billion where the Street had previously expected
$3.34 billion. -
Follow
Nvidia’s stock price in real-time here.
Shares of Nvidia
fell 6% in after-hours trading Thursday following a guidance cut
from the chipmaker despite posting second-quarter earnings that
topped Wall Street’s expectations.
Here are the key figures:
Earnings: $1.94 per share where analysts had
expected $1.85.
Revenue: $3.12 billion where analysts had
expected $3.11 billion.
“Growth across every platform – AI, Gaming, Professional
Visualization, self-driving cars – drove
another great quarter,” Jensen Huang, Nvidia’s chief
executive, said in a press release.
“Fueling our growth is the widening gap
between demand for computing across every
industry and the limits reached by
traditional computing. Developers are jumping
on the GPU-accelerated computing model that we
pioneered for the boost they need.”
The company also announced plans to return $1.25 billion to
shareholders in fiscal year 2019, starting with a $0.15 dividend
per share on September 21 to all shareholders on record as of
August 30.
For the third quarter, Nvidia forecasted its revenue to be within
2% of $3.25 billion where the Street had expected $3.34 billion.
Shares of Nvidia closed down 0.35% Thursday after falling as much
as 1.5% in regular trading ahead of the report.
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