Nvidia has announced its quarterly results for Q4, and as expected after Nvidia's recent warning, revenues were down significantly.

Quarter-on-quarter, revenue was down 47 percent for GPUs, 51 percent for MCPs and 44 percent for Quadro series professional products. The chipmaker reported a loss of $147 million, versus a profit of $257 million the year earlier. Year-on-year, profit went down 60 percent, from $1.2 billion to $481 million.

Nvidia CEO Jen-Hsun Huang said "November fell off a cliff," and CFO Marvin Burkett added that December was even worse. Still, Nvidia is optimistic about its new Ion netbook platform, claiming it will have plenty design wins and that production will be ramped up for late Q3 or early Q4.

Shares of Nvidia fell 7 percent on the news in after-hours trading.

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