NVIDIA has reported revenue for the third quarter that ended on October 28, 2018, of $3.18 billion, up 21% from $2.64 billion a year earlier, and up 2% from $3.12 billion in the previous quarter. CNBC is reporting that NVIDIA shares are down 18% in after hours trading, after the miss on revenue, as analysts predicted $3.24 billion. NVIDIA expects $2.70 billion in revenue in the fiscal 4th quarter and that is below the Refinitiv consensus estimate of $3.40 billion. The NVIDIA gaming business did not meet FactSet consensus estimates.
“AI is advancing at an incredible pace across the world, driving record revenues for our datacenter platforms,” said Jensen Huang, founder and CEO of NVIDIA. “Our introduction of Turing GPUs is a giant leap for computer graphics and AI, bringing the magic of real-time ray tracing to games and the biggest generational performance improvements we have ever delivered.
“Our near-term results reflect excess channel inventory post the crypto-currency boom, which will be corrected. Our market position and growth opportunities are stronger than ever. During the quarter, we launched new platforms to extend our architecture into new growth markets — RAPIDS for machine learning, RTX Server for film rendering, and the T4 Cloud GPU for hyperscale and cloud.”