Nov 15 (Reuters) - Chipmaker Nvidia Corp forecast fourth-quarter revenue below Wall Street estimates on Thursday, sending its shares down nearly 14 percent in extended trading.
Nvidia forecast current-quarter revenue of $2.7 billion, plus or minus 2 percent, below analysts’ average estimate of $3.40 billion, according to IBES data from Refinitiv.
“Our near-term results reflect excess channel inventory post the crypto-currency boom, which will be corrected,” Chief Executive Officer Jensen Huang said.
The company’s net income rose to $1.23 billion, or $1.97 per share, in the third-quarter ended Oct. 28, from $838 million, or $1.33 per share, a year earlier.
Excluding items, Nvidia earned $1.84 per share.
Total revenue rose 20.7 percent to $3.18 billion.
Analysts on average had expected a profit of $1.71 per share and revenue of $3.24 billion.
Reporting by Munsif Vengattil in Bengaluru and Stephen Nellis in San Francisco; Editing by Sriraj Kalluvila