Nvidia is up just 3.5% after a good report. Forecasts got off to a rocky start

Despite the quarterly report exceeding analysts' expectations, the outlook for the current quarter was worse than expected amid a "challenging macro environment.

The first quarter of 2022 was positive for the semiconductor manufacturer. Revenue was up more than 46% year over year to $8.29 billion, with EPS of $1.36, +49% year over year.

Early in the trading day, the relatively strong report outweighed future risks. The stock has recouped its postmarket losses and is up more than 3.5%. The company has lost more than 50% since last November's highs.