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- Nvidia was scheduled to report quarterly earnings results after the market’s close on Thursday.
- The results come after Nvidia lowered its guidance last month for the fourth quarter of fiscal year 2019, citing deteriorating macroeconomic conditions, particularly in China.
- After a meteoric rise to an all-time high last October, Nvidia’s stock has now fallen 47% since that record.
- Follow Nvidia’s stock here on Markets Insider.
Nvidia, the semiconductor manufacturer, was scheduled to report quarterly earnings results after the market’s close on Thursday.
The Santa Clara, California-based company announced late last month that it was lowering its quarterly guidance for what turned out to be "an extraordinary, unusually turbulent, and disappointing quarter."
Nvidia’s CEO, Jensen Huang, warned investors that declining macroeconomic conditions, particularly in China, impacted gaming graphics processing unit demand; the announcement sent shares plunging. The company cut its revenue guidance to $2.2 billion, plus or minus 2%. Previously, it expected revenue of $2.7 billion, plus or minus 2%.
Here’s what Wall Street was expecting for the company’s fourth-quarter 2019 results, according to analysts surveyed by Bloomberg:
- Revenue: $2.2 billion.
- Adjusted earnings per share: $0.78.
"Negative pre-announcement and Intel/AMD guidance sets a very low bar into this print," said Christopher Rolland, an analyst at Susquehanna, in a note to clients on Wednesday. He reiterated his bullish $170 price target and positive rating.
Last quarter, Nvidia shares tumbled by 15% after the company fell short of analysts’ expectations for both earnings and revenue.
Nvidia shares have fallen 47% from their record high last October, though have climbed 16% so far this year.
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