- Shares of Nvidia (NASDAQ: NVDA) sunk 15% after company says earnings will fall way short of estimates.
- Company states guidance cut due to weaker than anticipated sales in their Gaming and Datacenter platforms.
- Revenue expected to come out at $2.2 billion versus previous guidance of $2.7 billion
- Company blames ‘deteriorating macroeconomic conditions’ and post crypto boom as main reasons for decline
Shares of Nvidia were sharply lower Monday morning after the company released a statement saying earnings were going to be way lower than anticipated. They blamed deteriorating macroeconomic conditions in China and the lack of interest in cryptocurrencies the main reason.
Nvidia is set to release earnings after the close on Thursday, February 14th.
“Q4 was an extraordinary, unusually turbulent, and disappointing quarter,” said Jensen Huang, founder and CEO of NVIDIA. “Looking forward, we are confident in our strategies and growth drivers.