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Nvidia Gives Lackluster Forecast on Inventory, Shares Plunge

  • Core business is doing ‘great,’ CEO Jensen Huang says
  • Cryptocurrency mining overhang continues to hurt revenue
Bloomberg business news
Nvidia Plunges After Giving Weak 4Q Outlook
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Nvidia Corp., the biggest maker of chips for computer graphics cards, gave a disappointing sales forecast for the current quarter, showing the lingering loss of demand from the collapse of cryptocurrency mining. The stock dropped more than 16 percent.

Revenue in the fiscal fourth quarter will be $2.7 billion, plus or minus 2 percent, the Santa Clara, California-based company said in a statement. That compares to the average of analysts’ estimates of $3.4 billion, according to data compiled by Bloomberg.