Nvidia (NASDAQ:NVDA) stock is down today and we’re diving into why with a breakdown of the most recent news from the graphics card company.
Let’s dive into why Nvidia stock is down today below!
- Strangely enough, NVDA stock is slipping despite strong earnings in the most recent quarter.
- That includes adjusted earnings per share of $1.32.
- This beat out Wall Street’s estimate of $1.22 per share.
- Also, the company brought in revenue of $7.64 billion during the period.
- Yet again, that’s another positive as it surpasses analysts’ estimate of $7.43 billion.
- In addition to that, NVDA reported strong estimates for fiscal Q1 2023.
- Among that is revenue guidance of $8.10 billion with a plus or minus of 2%.
- That’s looking good next to Wall Street’s estimate of $7.29 billion for the quarter.
- So why is NVDA stock dropping today despite these strong results?
- It looks like investors in NVDA stock just aren’t overly impressed by the earnings report.
- Even with the report beating analysts’ estimates, holders of the company’s stock might have been expecting more from the company.
- That would explain why shares are decreasing in value today despite the positive earnings report.
- It’s also worth noting that NVDA stock is seeing a decent amount of trading today.
- As of this writing, more than 45 million shares have been traded.
- For comparison, the company’s daily average trading volume is closer to 52 million shares.
NVDA stock is down 6.5% as of Thursday morning.
There’s more stock market news for investors to jump into below!
Luckily, we’ve got all the latest stock news traders need to know for Thursday! A few examples include why Fastly (NYSE:FSLY) stock is falling, details from Walmart (NYSE:WMT) today, as well as what has Matterport (NASDAQ:MTTR) stock moving. You can get up to speed on all of this news by checking out the following links!
More Stock Market News for Thursday
- What’s Going on With Fastly? Why Is FSLY Stock Dropping Today?
- WMT Stock News: Did Walmart Raise Its Dividend? Why Is It Buying Back Shares?
- MTTR Stock Alert: What Is Going on With Matterport Right Now
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.