Nvidia Announced Second-Quarter Earnings on Wednesday
Aug 25, 2022 By MarketDepth
Nvidia (NVDA:NYQ) earnings fall short of expectations as the company sees a slowdown in PC and gaming revenue. The tremendous growth seen during the pandemic stalled as sales started to dive.
Nvidia stock is down over 40% year-to-date as it tries to navigate the slowdown.
Net income for the company is down 72% year-over-year and third-quarter projections are off by $1 billion from $6.9 billion to $5.9 billion.
“We are navigating our supply chain transitions in a challenging macro environment and we will get through this.”Nvidia founder and CEO Jensen Huang said in a statement
The company released preliminary earnings on August 8th to warn investors that they would miss their earning estimates due to slowing gaming sales. Other companies including Sony, Microsoft and Nintendo have all reported plummeting sales due to a lack of interest in gaming hardware.