Nvidia stock falls on light guidance, CFO says company will slow hiring

The first-quarter earnings report for Nvidia was released on Wednesday.

Chipmaker's stock dropped in extended trading after a weak forecast for the current quarter.

Colette Kress, Nvidia's CFO, said the company would slow its hiring pace and control expenses  due to a challenging macroeconomic environment.

Nvidia beat analyst expectations for sales and earnings, but the stock dropped more than 10%..

in extended trading at one point after the chipmaker gave a light forecast for the current quarter.

Nvidia said revenue for the current quarter would be about $8.1 billion, under analyst expectations of $8.54 billion.

Nvidia stock is down over 43% so far in 2022 as investors shun fast-growing stocks in favor of safer bets during a period of high inflation and macroeconomic uncertainty.

Recently, Nvidia terminated a large acquisition of Arm, a chip technology company. According to GAAP, Nvidia paid a termination charge of $1.35 billion, or 52 cents per share.