Nvidia: third-quarter results miss on 'crypto' correction
(CercleFinance.com) - Nvidia's forecasts fell short of Wall Street expectations as the chip-maker wrestles with high levels of inventories following the crypto-currency boom, which sent its shares down sharply on Friday.
The company reported late on Thursday non-GAAP earnings per diluted share of 1.84 dollar, up 38% from a year earlier, for the third quarter ended 28 October, on revenues that are up 21% at 3.2 billion dollars, although falling 2% short of expectations.
Nvidia said that results reflected "excess channel inventory" post the crypto-currency boom and its "correction."
So-called "miners" use hgih-performance computers and servers to process crypto-currencies, such as bitcoin.
Nvidia also gave a revenue forecast for the current quarter that fell short of Wall Street expectations.
"The January quarter revenue outlook was worse, coming in 20% below consensus and the company blamed excess inventories of older (Pascal) crypto GPUs in the channel," analysts at Jefferies said.
The company expects fourth-quarter revenue of 2.7 billion dollars, plus or minus 2%.
Nvidia shares are currently in a spin - tumbling 18.7% after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The company reported late on Thursday non-GAAP earnings per diluted share of 1.84 dollar, up 38% from a year earlier, for the third quarter ended 28 October, on revenues that are up 21% at 3.2 billion dollars, although falling 2% short of expectations.
Nvidia said that results reflected "excess channel inventory" post the crypto-currency boom and its "correction."
So-called "miners" use hgih-performance computers and servers to process crypto-currencies, such as bitcoin.
Nvidia also gave a revenue forecast for the current quarter that fell short of Wall Street expectations.
"The January quarter revenue outlook was worse, coming in 20% below consensus and the company blamed excess inventories of older (Pascal) crypto GPUs in the channel," analysts at Jefferies said.
The company expects fourth-quarter revenue of 2.7 billion dollars, plus or minus 2%.
Nvidia shares are currently in a spin - tumbling 18.7% after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.