1. Nvidia reported fiscal first-quarter earnings on Wednesday. 2. The stock dropped in extended trading after the chipmaker gave a light forecast for the current quarter.

3. Nvidia will slow down its hiring pace and control expenses as the company deals with a challenging macroeconomic environment, its CFO Colette Kress said.

Nvidia will slow down its hiring pace and control expenses as the company deals with a challenging macroeconomic environment

its CFO Colette Kress said after the company reported fiscal first-quarter earnings on Wednesday....

Nvidia beat analyst expectations for sales and earnings, but the stock dropped more than 10% in extended trading at one point after the chipmaker gave a light forecast for the current quarter

Here’s how Nvidia did versus consensus estimates for the quarter ending May 1:  EPS: $1.36, adjusted, versus $1.29 expected Revenue: $8.29 billion versus $8.11 billion expected

Nvidia said revenue for the current quarter would be about $8.1 billion, under analyst expectations of $8.54 billion.  

 Nvidia stock is down over 43% so far in 2022 as investors shun fast-growing stocks in favor of safer bets during a period of high inflation and macroeconomic uncertainty.

Nvidia CEO Jensen Huang said that the company was facing a challenging macro environment in a statement The company’s operating expenses increased 35% year-over-year to $1.6B on a non-GAAP basis

Nvidia sells chips for cloud computing companies and enterprises grew 83% annually to $3.75B surpassing the company’s core gaming business which sells graphics cards for playing advanced 3D games

Shares of Nvidia (NVDA 5.33%) fell in after-hours trading on Thursday,

Nvidia's stock price was down more than 6% after rising 5% earlier in the day.

Nvidia said that the growth in gaming was driven by graphics cards for laptops and chips for game consoles. Nvidia makes the chip at the heart of the Nintendo Switch.