Nvidia stock tumbles

[Razor Time]

Nvidia stock tumbles after company says fourth-quarter results will fall far short of estimates

Shares of Nvidia Corp. NVDA, -13.86% are down more than 14% in premarket trading Monday after the company said it expects to report $2.2 billion in fiscal fourth-quarter revenue, below its previous outlook of $2.7 billion. Analysts surveyed by FactSet had been expecting $2.7 billion as well for the January-ended quarter. Nvidia said that its gaming and data-center revenue missed expectations. "Deteriorating macroeconomic conditions, particularly in China, impacted consumer demand for NVIDIA gaming GPUs," the company said in a release. Nvidia also disclosed that sales of "certain high-end GPUs" that make use of its new Turing architecture were lower than the company expected. In the data-center business, the company wasn't able to close a number of large deals that it had initially forecasted as companies shifted toward "a more cautious approach." Nvidia Chief Executive Jensen Huang said that the fiscal fourth quarter was "an extraordinary, unusually turbulent, and disappointing." The company said it expected its GAAP and non-GAAP gross margins to be impacted by $120 million. Nvidia reports results on Feb. 14.

https://www.marketwatch.com/story/n...s-will-fall-far-short-of-estimates-2019-01-28


Gotta laugh that they had lower than expected sales on Turing after jacking the prices up as much as they did. Hopefully they will wake up and start reducing their over inflated prices.