Chip stocks took a tumble Monday after for its fourth quarter 2018.
The company revised its quarterly revenue guidance from $2.70 billion to $2.20 billion due in part to “deteriorating macroeconomic conditions, particularly in China,” it said in a statement. Nvidia fell 13.8 percent on Monday.
Other chip stocks fell on the news as well. dropped 8 percent, and fell more than 3 percent. Chip stocks had been on the rise just last week after four companies beat earnings expectations for the quarter. on the were positive on Jan. 24, marking the index‘s seventh-best day in a decade. The index fell more than 2 percent on Monday.
Nvidia‘s statement Monday morning adds to growing concerns about the Chinese economy. also cited slowdowns in the Chinese market when it issued its own earlier this month.