Nvidia (NASDAQ: NVDA) did precisely that, choosing to release its results three weeks early. Nvidia experienced a tough quarter. While management guided in Q1 for $8.1 billion in revenue during its 2023 fiscal year second quarter (ending July 31), Nvidia only brought in $6.7 billion.
It's been a while, but it's happening to Nvidia (NASDAQ: NVDA) again. A periodic oversupply of graphics cards has been a historical problem for the high-flying chipmaker, and the company's latest update indicates that the problem is back. Nvidia released preliminary results for the second quarter of fiscal 2023 (for the three months ended July 31, 2022), and it became clear that the chipmaker's days of terrific growth have been put on "pause."
Nvidia (NASDAQ: NVDA) has been a popular technology stock over the years thanks to the terrific growth it has been able to deliver on the back of healthy demand for its graphics cards, which are used across a wide variety of applications. Shares of Nvidia pulled back in August after a solid performance last month. Nvidia anticipates just 3% year-over-year revenue growth in fiscal Q2 (for the three months ended July 31, 2022) to $6.7 billion.