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Earnings Results: Nvidia has a Pascal problem, and its stock is plunging after earnings

Nvidia Corp. shares plunged in the extended session Thursday after the chipmaker’s earnings and outlook fell short of Wall Street estimates and a cratering in cryptocurrency sales helped build up an excess inventory of older gaming chips.

Nvidia NVDA, +2.64% shares plunged 18% after hours, following a 2.6% rise to close the regular session at $202.39. Nvidia shares had already declined 21.9% in the past three months, as the PHLX Semiconductor Index SOX, +3.34% has declined 7.4% and the S&P 500 index SPX, +1.06% dropped 4.1%.

“Gaming revenue was short of our expectations, and our fourth-quarter outlook is impacted by excess channel inventory of midrange Pascal products,” Nvidia Chief Financial Officer Colette Kress said in a statement.

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