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Nvidia stock slumps after weak forecast

admin by admin
May 27, 2022
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Nvidia stock slumps after weak forecast
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Munich From stock market darling to bogeyman: With his forecast for the current quarter, the founder and CEO of Nvidia, Jensen Huang, scared off investors. In premarket trading in New York, the semiconductor manufacturer’s share price fell by more than five percent to around $ 160 on Thursday.

Huang only expects revenues of $ 8.1 billion in the current quarter, analysts had expected a good $ 8.4 billion. On the one hand, the entrepreneur cited the lockdowns in China as reasons. The strict measures to contain the coronavirus have torn the supply chains. On the other hand, Russia’s war of aggression against Ukraine is a burden on business. In total, the Silicon Valley group would lose around half a billion dollars in sales.

Over the past six months, Nvidia has already lost about half of its stock market value – about $ 400 billion. Investors fear that the semiconductor boom of the past two years will end soon. However, the chip manufacturer is still rated significantly higher than tech companies such as Apple, Google or Microsoft and also than other semiconductor manufacturers such as Intel, Qualcomm and AMD.

This is not least due to the fact that business continues to develop extremely dynamically despite the cloudier outlook. Last quarter, revenue jumped 46 percent to $8.3 billion. Thus, Nvidia exceeded analysts’ estimates by $ 200 million. The profit was also better than expected by the bankers.

The business with chips for network computers has grown particularly strongly. In the division, revenues climbed by more than 80 percent. This is because cloud providers such as Amazon or Microsoft are expanding their data centers worldwide.

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