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Why Nvidia Stock Slumped on Monday

TheMotleyFool

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Why Nvidia Stock Slumped on Monday: https://g.foolcdn.com/editorial/images/694995/a-smiling-gamer-competing-in-esports-with-teammates.jpg

Shares of Nvidia (NASDAQ: NVDA) tumbled on Monday, falling as much as 8.6%. As of 10:29 a.m. ET, the stock was still down 5.1%.

The catalyst that sent the semiconductor specialist lower was its preliminary financial results, which were far worse than the company had predicted.

For the 2023 fiscal second quarter (ended July 31) Nvidia is now expecting revenue of roughly $6.7 billion, up 3% year over year and down 19% sequentially. This was far below its previous guidance of $8.1 billion. The shortfall compared to its expectations was primarily the result of weakness in demand for gaming processors. Gaming revenue is expected to be $2.04 billion, down 33% year over year and 44% sequentially.

Source Fool.com

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