4.48%XLF 15.92 10.56%QQQQ 32.65 6.34%
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SANTA CLARA, Calif. - Graphics chip maker Nvidia Corp. said Wednesday it has lowered its second-quarter revenue outlook, partly because of end-market weakness around the world.
| NVDA | 7.24 |  -0.61 |
Shares sank in after-hours trading as a result.
The company now expects sales of $875 million to $950 million. Analysts, on average, expect sales of $1.1 billion for the quarter ending July 27, according to a poll by Thomson Financial.
Nvidia cited end-market weakness, delays and price adjustments of its graphics processing unit products to respond to competition as reasons for the lower revenue.
The company also said it plans to take a charge of $150 million to $200 million during the quarter to cover anticipated warranty, replacement and other costs related to certain defective prior-generation products used in notebook computers.
Shares sank $4.47, or 24.8 percent, to $13.56 in after-hours trading. The stock had closed down 72 cents at $18.03.
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