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Technology Stocks : NVIDIA Corporation (NVDA)

NVDA 198.57

-4.1%

3:59 PM EST

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From: Glenn Petersen	8/8/2022 1:29:11 PM
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Nvidia warns on second-quarter revenue, shares dip Published Mon, Aug 8 20229:30 AM EDTUpdated Moments Ago Ashley Capoot @ashleycapoot CNBC.com Key Points Nvidia shares dipped Monday after the company released preliminary earnings that show early second-quarter revenue of $6.7 billion, well below its outlook of $8.1 billion. The company said the shortfall primarily reflects weaker-than-forecast gaming revenue. Nvidia shares dipped 8% on Monday morning after the company released preliminary earnings that show second-quarter revenue of $6.7 billion, well below its initial outlook of $8.1 billion. The chipmaker said the shortfall primarily reflects weaker-than-forecast gaming revenue, which is down 44% sequentially and 33% from the prior year. Nvidia said the report is "primarily attributable to lower sell-in of Gaming products reflecting a reduction in channel partner sales likely due to macroeconomic headwinds." It also said its data enter segment has been impacted by supply chain disruptions and preliminary revenue of $3.81 billion is below the company's expectations. That figure is still up 1% over last quarter and up 61% year over year, however. Colette Kress, executive vice president and CFO of Nvidia, said she believes the company's long-term gross margin profile remains intact. "We have slowed operating expense growth, balancing investments for long-term growth while managing near-term profitability," she said. "We plan to continue stock buybacks as we foresee strong cash generation and future growth." Nvidia is scheduled to report fiscal second-quarter results on Aug. 24. cnbc.com

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