Nvidia reported its quarterly earnings on Tuesday and it managed to pull off quite a feat. The company reported better than expected results, yet its stocks slipped 2 percent.
Nvidia says its net income was for the first quarter, ended April 27, was $136.5 million. Revenue is expected to reach $1.1 billion, up 16 percent. Gross margin also went up to 54.8 percent. For some reason Nvidia did not reveal a forecast for the current quarter. With no outlook and little in the way of transparency, some investors decide to dump the stock.
It was a strange decision and it was prompted by a simple mistake, as Nvidia accidentally emailed the figures to an internal distribution list.
“This press release is being issued because a preliminary draft of the company’s financial results for the first quarter of fiscal 2015 was inadvertently emailed to an internal distribution list of about 100 individuals. Because of this error, these results are being provided to the market in advance of trading in Nvidia stock today as a precaution,” the company said.
In other words, someone is probably in a world of trouble. Still, it’s not every day that you get to wipe out 2 percent of your company’s market cap with a single click.
The numbers are good, but the slip up is somewhat embarrassing. Nvidia should reveal more information soon, along with its Q2 outlook which is what really counts.