Shares of chip designer Nvidia tumbled more than 10 percent on Wednesday after the company said it expects sales of video game chips to decline in the current quarter.
The American technology company beat analysts’ expectations for sales and earnings, reporting record revenue for the first quarter of $8.29 billion, up 46 percent from a year ago and up 8 percent from the previous quarter.
Analysts had forecast $1.29 earnings per share. Meanwhile, the chipmaker reported non-GAAP earnings per diluted share of $1.36, up 49 percent from a year ago and up 3 percent from the previous quarter.
However, shares of the Delaware-headquartered tech company declined on Wednesday after it forecast its sales of video game chips would drop in the current quarter, pointing to new supply-chain issues resulting from China’s COVID-19 lockdowns….