Nvidia Fails to Impress
One of the hottest stocks on the planet is likely to be knocked down a peg.
One of the hottest stocks on the planet is likely to be knocked down a peg.
Nvidia Corp.'s (NVDA) - Get Report record second-quarter revenue and an earnings beat did not impress Wall Street.
- General Electric's New CEO Just Bought $2.66 Million in Company Stock
Shares of the chipmaker tumbled 7.7% to $151.99 in the pre-market on Friday. Sales increased 56% to $2.23 billion and topped forecasts of $1.96 billion. Earnings of $1.01 per share topped forecasts of 70 cents per share.
While products, data centers, gaming and cryptocurrency traders drove results in the quarter, CEO and co-founder Jensen Huang pointed to the coming era of robot taxis and self-driving cars that Nvidia would power. In the "era of artificial intelligence," he told investors, Nvidia wants to provide the brains.
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