Stocks Plunge as NVIDIA Misses the Mark in Q2 results

The company’s shares are down 41% from the beginning of the year and are trading at $169.85
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NVIDIA’s latest financial report announced its revenue for the second quarter ended July 31, 2022. At $6.70 billion, the earnings are up 3% from a year ago, however, the report shows a sharp decline of 19% compared to the previous quarter.

The company’s shares are down 41% from the beginning of the year and are trading at $169.85, down-from-52-week-high.

The GAAP earnings per diluted share for the quarter were $0.26, down 72% from a year ago and down 59% from the previous quarter. “We are navigating our supply chain transitions in a challenging macro environment and we will get through this,” says founder and CEO, Jensen Huang, NVIDIA. 

Huang highlighted how the automotive industry was becoming a tech industry, and was on track to be their next billion-dollar business. The CEO plans to share new advances in RTX along with breakthroughs in AI and metaverse in the GTC conference next month. 

Since its previous earnings announcement, NVIDIA has achieved progress in areas such as gaming, data centers, and automotive. The graphic chip designer corp plans to pay its next quarterly cash dividend of $0.04 per share on September 29, 2022.

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Bhuvana Kamath
I am fascinated by technology and AI’s implementation in today’s dynamic world. Being a technophile, I am keen on exploring the ever-evolving trends around applied science and innovation.

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