answers on the reset for many investors” until the company holds its earnings call in late August.To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance.
bad NVDA stock post this magnitude of a guide-down as it clears the decks on gaming with massive reset, but NVDA stock had rallied with Tech and Semis past few weeks to $190,” he added.
“I would have said this cut more good vs. The announcement prompts questions about “whether this signals a kitchen-sink clearing event or if gaming stays worse for longer and data center might come under pressure down the road,” wrote Jordan Klein, a Mizuho desk-based analyst associated with the company’s sales team and not its research arm. “As we expect the macroeconomic conditions affecting sell-through to continue, we took actions with our gaming partners to adjust channel prices and inventory.” “Our gaming product sell-through projections declined significantly as the quarter progressed,” Chief Executive Jensen Huang said in a release. Nvidia anticipates the second-quarter results to reflect $1.32 billion of charges, largely for inventory and other related reserves given new demand expectations. “In addition to reducing sell-in, the company implemented pricing programs with channel partners to reflect challenging market conditions that are expected to persist into the third quarter.”Įxecutives also noted that while the data-center total marked a record, it came up “somewhat short of the company’s expectations, as it was impacted by supply chain disruptions.”
“The shortfall relative to the May revenue outlook of $8.10 billion was primarily attributable to lower sell-in of gaming products reflecting a reduction in channel partner sales likely due to macroeconomic headwinds,” executives said in the release. The company also anticipates $3.81 billion in data-center revenue, up 1% sequentially and 61% ahead of what the company posted a year earlier, but slightly below the FactSet consensus of $3.99 billion. Nvidia expects to report $2.04 billion in gaming revenue, down 44% sequentially and off 33% from a year before, and below the FactSet consensus of $3.04 billion. The company noted in a release that the performance was “primarily reflecting weaker-than-forecasted gaming revenue.”
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