Nvidia Stock Crashes as Company Slashes Guidance

Nvidia stock is trading sharply lower after the company slashed its guidance for the fiscal third quarter of 2023. The earnings for the said quarter are scheduled for later this month only.
Nvidia now expects to post revenues of $6.70 billion in the quarter which is way below the $8.1 billion that it had projected during the previous earnings call. The forecast implies a 19% sequential fall in revenues while they are still expected to be 3% higher YoY.
Commenting on the guidance cut, Nvidia said, ‘The shortfall relative to the May revenue outlook of $8.