Nvidia CEO Jensen Huang (pictured) told employees there would be no layoffs even after the company missed its target and revenue dipped as per its preliminary financial report for the second quarter. Insider reported on Tuesday, citing an email sent to over 22,000 employees.

"So, what does this mean for us? Do we have a layoff? No. Instead, we have given raises to take care of your families as all of you are facing sky-high inflation," he wrote.

He further claimed the company will improve in the future and that they will hold "investments at current levels." "We will exercise extreme collaboration, a hallmark of our culture, finding every opportunity to leverage and reuse. We will find and eliminate all wasted time, process, and material," he wrote.