Nvidia shares fall on lower-than-expected quarterly revenue
Stock price of Nvidia Corporation slipped on Thursday after the chip maker, its data center and automotive businesses missed quarterly revenue estimates of market analysts.
Revenue from the company’s data center business more than doubled to settle $416 million but it missed estimates analysts’ forecast of $423.3 million.
Automotive business revenue jumped 19.3 per cent to $142 million, but it also missed analysts’ average expectation of $146.2 million.
However, chips have better outlook due to cryptocurrency boom. On a post-earnings call yesterday, chief executive officer Jensen Huang said that cryptocurrency and blockchain was there to stay.
Speaking on the topic, Hang said, “Cryptocurrency and blockchain is here to stay. The market need for it is going to grow. And over time, it will become quite large.”
Net income of the chip maker more than doubled to settle at $583 million (or 92 cents a share) during the second quarter ended 30th of July.
Nvidia shares, which nearly tripled in market value over the past twelve months, slipped 6.6 per cent to $153.87 in extended trading yesterday.
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