The company said revenues will come in somewhere between $410-$430 million for the quarter, while most analysts had expected revenues to hit around $565 million. In May, Nvidia forecast Q2 revenues to be 1-3 percent better than the $582.9 million it reported in Q1.
Shares of Nvidia dove last night when the company made the announcement, declining by 24 percent to $12.35. It slid further today, and is trading at about $11.30 -- a 52-week low.
The company says it will take a "significant" write-off of inventory in the quarter, and that it will probably not post a profit in Q2.