Nvidia reported fiscal third-quarter results on Wednesday for the period ending in October with sales beating analyst expectations but earnings per share coming in light.Nvidia stock rose 1% in extended trading.Here’s how the company did versus Refinitiv consensus estimates:EPS: $0.58, adjusted, versus $0.69 expectedRevenue: $5.93 billion, versus $5.77 billion expectedNvidia said it expected about $6 billion in sales in the fourth quarter, lower than Refinitiv consensus estimates of $6.09 billion.Gross margin for the third quarter was down 11.6 percentage points to 53.6%, which the company attributed to taking an inventory charge because of low demand for data center chips in China. Revenue was down 17% on a year-on-year basis.NVIDIA DRIVE Thor, the company’s next-generation centralized computer for autonomous and assisted driving and in-car infotainment, is shown in a handout image obtained September 20, 2022.Nvidia | via ReutersNvidia expects gross margin for the current quarter to recover to between 63.2% and 66.0%.Nvidia is closely watched by analysts and investors as a leading indicator for the health of the technology industry, because it sells chips and software to so many PC makers and cloud providers.In the past few months, chip companies like Nvidia have been slashing order expectations and warning that their customers are overstocked with computer parts. In May, Nvidia said it would slow the pace of its hiring.Nvidia CEO Jensen Huang said in a statement that the company was “adapting to the macro environment.”The PC gaming market is slowing after the pandemic boom. Nvidia graphics cards, which had been hard to find in stock in 2020 and 2021, are now seeing retail discounts. Nvidia also recently announced a new generation of graphics cards …
