Nvidia shocked Wall Street with a big miss on quarterly revenue, saying a slowdown in the gaming industry is eroding demand for the high-end graphics cards used in specialty computers.
Nvidia Corp. shocked Wall Street with a big miss on quarterly revenue, saying a slowdown in the gaming industry is eroding demand for the high-end graphics cards used in specialty computers.
Nvidia’s disappointment underscored a squeeze rippling across the industry: Still pressured by pandemic-era supply and shipping constraints on hardware, companies now face users with dwindling time available to play games and a slower launch schedule of new titles. Most of the major gaming companies have reported declining sales or weaker outlooks this year, from PlayStation maker Sony Group Corp. to Microsoft Corp., which sells the Xbox console.
The stock dropped 5.6 per cent to US$179.25 at 10:38 a.m. in New York, extending a decline of 35 per cent this year through Aug. 5. Gaming revenue in the second quarter fell 44 per cent from the previous quarter and 33 per cent from a year earlier to US$2.04 billion, Nvidia said. Revenue from chips used in data centers was US$3.81 billion, up 61 per cent from a year earlier.
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