Nvidia Tumbles After PC Industry Slump Crushes Revenue
- PC-component makers suffering steep fall off in demand
- Nvidia graphics chips are staple of high-end gaming computers
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Nvidia Corp.’s quarterly revenue missed its projections by more than $1 billion, surprising investors and piling on more evidence that demand for electronic components is drying up quickly after a two-year boom.
Fiscal second-quarter revenue was about $6.7 billion, down from its earlier projection of $8.1 billion, the company said Monday in a statement. Shares of the most valuable publicly traded chipmaker fell 6.3% to $177.93, their worst decline in nearly two months, and the biggest drag on the Nasdaq 100 Index.