- Nvidia shares plunged in pre-market trading on Monday after lowering its guidance for the fourth quarter of fiscal year 2019.
- The semiconductor company’s CEO said declining macroeconomic conditions, particularly in China, impacted demand for Nvidia’s gaming graphics processing units.
- Watch Nvidia trade live.
Nvidia lowered its guidance for the fourth-quarter for fiscal year 2019 Monday, citing significantly weaker economic conditions in China and disappointing sales of its gaming and datacenter platforms.
The announcement sent shares plunging by nearly 15% in pre-market trading.
“Q4 was an extraordinary, unusually turbulent, and disappointing quarter,” Jensen Huang, founder and CEO, said in a filing with the Securities and Exchange Commission.
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