Nvidia edges upward as chipmaker suggests sales growth is on the way
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Nvidia (NASDAQ:NVDA) shares rose as much as 3% in after-hours trading Wednesday as the semiconductor giant gave a sales forecast that outweighed negativity from what was a mixed third-quarter earnings report. 
Nvidia (NVDA) said that for its fourth quarter, it expects to report revenue of $6B "plus or minus 2%". That estimate would put Nvidia's (NVDA) revenue in a range of $5.88B to $6.12B.
The company's outlook came along with Nvidia (NVDA) reporting a third-quarter profit, excluding one-time items, of 58 cents a share, on $5.93B in revenue. Wall Street analysts had forecast Nvidia (NVDA) to earn 70 cents a share on $5.82B in sales for the quarter that ended October 30. 
During the same period a year ago, Nvidia (NVDA) earned $1.17 a share, excluding one-time items, on sales of $7.1B.
Nvidia (NVDA) said one of the highlights of its third-quarter was its data-center business, which saw sales rise 31% from a a year ago, to $3.83B.
"We are quickly adapting to the macro environment," said Nvidia (NVDA) Chief Executive Jensen Huang in a statement. Huang added that the company was "correcting inventory levels and paving the way for new products."
Nvidia's (NVDA) results came on what was a largely negative day for chip stocks, as memory chip giant Micron Technology (MU) said it would cut is capital spending plans for 2023.