Semiconductor Nvidia Corp. (NASDAQ: NVDA) had its turn in the earnings parade this afternoon, and the company put up dismal results that failed to meet analyst expectations.Going into this afternoon's earnings report, analysts had been expecting to see the company show a loss of $0.09 per share, but the actual EPS for the quarter was a greater loss, one of $0.18 per share.
Sales during the quarter dropped by a massive 60% year over year, as the company showed sales of $48.1 million, compared to $1.2 billion during the same period last year. The company described the current economic environment that it is dealing with "difficult and uncertain" and it did not offer any guidance for future earnings reports. Nvidia did state that it expects sales during its first quarter to be flat to slightly lower than during the fourth quarter.
Following the announcement, shares were down about 6%, but have moved slightly higher, and are currently down only 1.5% in after market trading. We will see how Wall Street reacts tomorrow when the stock trades during normal trading hours.
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