Nvidia cannot seem to catch a break as its crypto mining card sales in Q1 hit “nominal” levels. Shares fell on the news its Q2 overall revenue would be below expectations due to geopolitical uncertainty.
American graphics card manufacturer Nvidia’s stock price tumbled in after hours trading on Thursday because the revenue outlook for Q2 has fallen short of expectations.
Quarterly growth from Q4 2021 to Q1 2022 was strong with an 8% increase in revenue to $8.98 billion and 3% increase in earnings per share to $1.36. It also stated it would continue a $15 billion share buyback program through the end of 2023 according to theHowever, the Q2 outlook is much less promising and projects revenue will be $8.1 billion, which is 4% lower than expected.
The disappointing guidance didn't impress investors in after hours trading on Thursday with Nvidia shares down 7% to $157.8. NVDA is down nearly 50% ove the year, mirroring the poor performance of tech stocks across the market. The tech firm saw a drop in sales of its Cryptocurrency Mining Processor in Q1 to “nominal” levels compared with $155 million from a year ago The filing does not specify exact revenues on CMPs, but revenues have been falling since last year.
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