Nvidia shares down 3% in premarket trade despite market-beating earnings

Nvidia shares fell in U.S. premarket trade on Thursday despite its fiscal second-quarter results beating estimates. But expectations for the chipmaker remain very lofty.

The pullback in the stock on Thursday also comes after a meteoric rally. This year, Nvidia's shares have risen more than 150%.A binary code is displayed on a laptop screen in the background, while the Nvidia logo is showcased on a phone on April 28, 2024.The company's stock was down 4.6% in early premarket deals, but had pared losses to slide 2.77% at 10:24 London time .It was the fourth-straight quarter of triple-digit revenue growth.

Meanwhile, the company said that gross margins would be in the "mid-70% range" for the full year. Analysts were expecting a full-year margin of 76.4%, according to StreetAccount.that Nvidia would have had to beat all expectations by a long way, in order to see a pop in the stock after the numbers. The current fall in Nvidia's share price also weighed on shares of semiconductor firms around the world, with big names including memory maker Samsung and chip manufacturer

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