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Nvidia presented financial results for January-March 2022, providing a weak revenue forecast for the second quarter. In the post-trading session, shares of the manufacturer of graphics processors fell by 10.32%.
The company expects revenue in the range of $ 8.1 billion (± 2%), while the consensus forecast of the market was $ 8.5 billion. Nvidia adjusted its expectations downward by $ 500 million due to taking into account factors “related to Russia and the lockdown in China.”
In the first quarter, revenue grew by 46% compared to January-March 2021, to $ 8.29 billion, with market expectations of $ 8.1 billion. EPS was $1.36 versus analysts’ forecast of $1.29.
Sales of GPUs for cryptocurrency mining against the background of lower prices in the cryptocurrency market fell to “nominal values” compared to $ 155 million for the same period a year ago. The company did not disclose specific figures.
In the second quarter of 2021, the figure was $ 266 million, $ 105 million in the third and $ 24 million in the fourth.
Since the beginning of the year, Nvidia shares have fallen in price by 42.3%, relative to the historical maximum – by 51%.
Daily chart of Nvidia Corporation shares. Data: Tradingview.
Recall that in May, the SEC fined Nvidia $ 5.5 million for distorting data on the impact of mining on the company’s business.
Earlier, the manufacturer of graphics processors won a lawsuit similar to the claims made by the regulator.
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