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The stock lost close to half its value since its all-time high of $292.76 per share on Oct. 2. By Monday's close, shares traded at $144.70. Nvidia was just one of several tech stocks that dipped Monday, including the FAANG stocks, some of the largest on the Nasdaq. Facebook, Apple, Amazon, Netflix and Google parent company Alphabet all slid Monday, and the Nasdaq Composite Index closed down 3 percent.
Nvidia missed revenue expectations of $3.24 billion per Refinitiv, with the company recording $3.18 billion for the quarter. CEO Jensen Huang said on a call with analysts following the report that surplus inventory contributed to lower-than-expected guidance for the next quarter, which Nvidia estimated will be $2.70 billion, plus or minus 2 percent, excluding certain items. Analysts were expecting $3.40 billion, according to the Refinitiv consensus estimate.
One of Nvidia's top competitors and one of the best-performing tech stocks of the year, Advanced Micro Devices, also continued to slide Monday. The stock closed down as 7.5 percent.