NvidiaOn Wednesday, fiscal first quarter earnings were reported. Analyst expectations for earnings and sales beats, but extended trading saw the stock drop more than 10%. The chipmaker had issued a mild forecast for this quarter.

This is how it compared to Refinitiv consensus estimations for the quarter ending on May 1.

• EPS: $1.36, adjusted, versus $1.29 expected
• Revenue$8.29 Billion compared to $8.11 Billion expected

Nvidia reported that revenue would reach $8.1 billion in the current quarter, which is below analyst estimates of $8.54 trillion.

Nvidia shares are down more than 43% in 2022, as investors abandon fast-growing stocks to make safer bets in a time of macroeconomic uncertainty and high inflation.

Nvidia is increasing its revenue strongly, and Nvidia still sees strong demand for its graphic processors. These are used extensively for cloud gaming and artificial intelligence. Nvidia’s overall sales increased 46% over the previous year, and both its Data Center and Gaming core businesses grew in this quarter.

Nvidia’s data center business sold chips for cloud computing businesses and enterprises. The company’s core game business sells advanced 3D graphics cards, increasing 31% per annum to $3.62B.

Nvidia stated that graphics cards and chips used in game consoles drove the increase in gaming.

Nvidia revealed earlier in the month that it had reached a settlementSEC – Concerning 2017 disclosures about cryptocurrency mining’s role in the company’s growth.

Nvidia stated that the board of directors has approved an additional $15 billion for share buybacks by the end next year.

Nvidia ended a major purchase of Arm, an American chip company, earlier in the year. Nvidia claimed that it paid a $1.35 million termination fee, which equated to 52 cents per share for a GAAP basis.