Nvidia Corp.’s earnings report was supposed to be perfect for a stock that has added nearly $2 trillion to its market value over the past year. Ultimately, a broad beat prompted a selloff.

At issue is Nvidia’s revenue forecast. While it beat analysts’ average estimate by a wide margin, the forecast was far smaller than investors have come to expect over the past five earnings reports. That, and the admission that its new Blackwell chip was having production issues, was enough to send Nvidia’s shares tumbling in postmarket trading on Wednesday, with declines resumed Thursday. Shares of Nvidia fell as much as 4.7% in early trading.