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Shares of Nvidia fell almost 5% after the chipmaker gave a dim forecast for the current quarter, but the company beat estimates for sales and earnings.
Source: Nvidia
NVDA down -5.34%, INTC up +0.64%, Pre-market trading
Nvidia stated that the revenue for the current quarter would be around $8.1 billion, under analyst estimates of $8.54 billion.
The company reported record revenue for Q1 of $8.29 billion, jumping 46% from a year earlier and 8% up from the prior quarter, with all-time high revenue in Data Center and Gaming.
Jensen Huang, CEO of Nvidia, stated that the company was facing a challenging macro environment. The company’s operating expenses rose 35% year-over-year to $1.6B on a non-GAAP basis.
The company indicated that its revenue in the current quarter would be $500 million lower than it would have been if not for the Russian invasion of Ukraine and fresh Covid lockdowns in China.
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