Nvidia Shares Drop 10.3% Following Q1 Earnings Report
Chip manufacturer Nvidia has recently released the January-March 2022 financial results with a weak second-quarter revenue guidance.
The shares of the GPU maker have fallen by 10.32% in the post-trade session.
The company expects revenue in the range of $8.1 billion (±2%), whereas the market consensus was $8.5 billion. The firm has adjusted its expectations downward by $500 million due to factors “related to Russia and the lockdown in China.”
In Q1, revenue grew by 46% compared to January-March last year, to $8.29 billion, against market expectations of $8.1 billion. Adjusted EPS was $1.36 against analysts’ forecast of $1.29.
The sales of GPUs for crypto mining have fallen to “nominal values” against the backdrop of lower prices in the digital asset market compared to $155 million in the same period a year ago.
