Yet another tech company has had to update its revenue forecast for the holiday quarter. Today's victim is Nvidia, which says revenue for its fourth fiscal quarter will be down "40 percent to 50 percent" compared to the quarter before.
Nvidia posted revenue of $897.7 million in its third fiscal quarter, so according to the latest guidance, Q4 revenue should end up in the $449-539 million range. That should be quite a drop from a year ago, when Nvidia broke records with revenue of $1.2 billion (not to mention a cool $257 million in profits).
Not so surprisingly, Nvidia attributes the weak quarter to "further weakness in end-user demand and inventory reductions by NVIDIA's channel partners in the global PC supply chain." The souring economy hasn't been kind to Intel and AMD, either. Both pared their forecasts for the fourth calendar quarter.