Nvidia earnings (NASDAQ:NVDA) came in late in the day on Thursday afternoon, sending shares plummeting as the company’s earnings were ahead of the mark, but its revenue for its previous quarter and revenue guidance for the current quarter were below what analysts were calling for.
The graphics processing units manufacturer said that its earnings for its third quarter of fiscal 2018 came in at $1.84 per share on an adjusted basis. Analysts were seeing the company’s quarter as amassing adjusted earnings of $1.71 per share, according to data compiled by Refinitiv.
Nvidia said that its revenue for the period came in at $3.18 billion, which was stronger than the $3.24 billion that the Wall Street consensus estimate called for, according to data compiled by Refinitiv. The sales figure also increased about 21% compared to the year-ago quarter.
In terms of guidance, the company said that it is calling for revenue of $2.70 billion for its fourth quarter of its fiscal 2018, plus or minus 2% and when excluding certain items. The figure is below the Refinitiv revenue guidance of $3.40 billion.
The chipmaker suffered during the quarter due to its cryptocurrency mining products taking a hit.
NVDA stock is plummeting about 16.8% after the bell Thursday as the company’s revenue figures were below what analysts projected. Shares had risen 2.6% during regular trading hours in anticipation of the company’s quarterly results.
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