November 15, 2018 / 9:29 PM / 6 months ago

Nvidia forecasts current-quarter revenue below estimates, shares slump

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

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