Nvidia (NVDA) - Get Report shares slumped about 3% in after-market trading after the chipmaker beat earnings and sales estimates for its fiscal second quarter, but issued weaker-than-expected Q3 guidance. 

TheStreet is live blogging earnings, as well as the earnings call scheduled for 5:30 p.m. ET. 

Nvidia posted GAAP earnings of $1.76 per share, beating Wall Street's expectations of $1.65. Revenue came in at $3.12 billion, beating consensus expectations of $3.1 billion. 

Even though Nvidia raised its guidance for the third quarter, those estimates still came in lower than Wall Street's expectations. Revenue guidance for the quarter was $3.25 billion, plus or minus 2%, which was below a $3.34 billion consensus.

The chipmaker expects GAAP and non-GAAP gross margins to be 62.6 percent and 62.8 percent, respectively, both plus or minus 50 basis points.

Data center revenue was one of then most anticipated line items ahead of the earnings print. With last quarter's data center revenue growth at 71% year-over-year, some were afraid the law of large numbers would keep data center revenue slightly muted, although still explosive. But the data center segment saw revenue growth of 83% year-over-year. 

Gaming revenue grew 52% year-over-year, down from last quarter's growth rate of 68%. It's possible that slowing demand from crypto miners were part of the picture, as many on Wall Street had feared. 

Still, revenue in every business segment -- data center, gaming, professional visualization, and automotive, hit record highs. 

As both the data center graphics processing unit market and gaming GPU market expands, Nvidia continues to face high expectations, both from its own management team and from Wall Street. 

"Fueling our growth is the widening gap between demand for computing across every industry and the limits reached by traditional computing," CEO Jensen Huang said in the earnings release. "Developers are jumping on the GPU-accelerated computing model that we pioneered for the boost they need."

"This was priced for perfection," Bill Studebaker, President and Chief Investment Officer of the index provider Robo Global, told TheStreet. "I don't think the sell-off was a big deal."

The post-market selling got close to a 6% drop before recovering some. Studebaker held strong on his long-term view of the tech monster. "I don't think this changes the outlook," Studebaker said. "When you look at the outlook relative to consensus, they're giving themselves some wiggle room."

"How big an advantage do they have over their rivals?" he concluded. "I think a lot." 

Nvidia is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells NVDA? Learn more now.

More on this story to come.