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Nvidia Q2 Revenue Rises 68%, but Crypto-Related Earnings Fall Short of Expectations
The company generated $266 million in revenue from its crypto mining cards, more than $130 million below its forecast earlier this year.
Graphics-chip maker Nvidia said its second-quarter revenue jumped 68% from the same period a year ago, largely because of record performances of its gaming, data center and professional visualization products.
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- Revenue was $6.5 billion for the quarter, the company said in its earnings release Wednesday, an net income almost quadrupled to $2.37 billion from a year earlier.
- To combat the global shortage supply of its cards, Nvidia announced the rollout of its Cryptocurrency Mining Processors in February, specifically targeting crypto miners.
- While sales of its graphics processing units helped drive revenue, Nvidia fell short of its forecast of generating $400 million in revenue in the quarter from mining-related cards. Sales of Nvidia's crypto mining-related products totaled $266 million, the company reported.
- Revenue from its data center and professional visualization platforms rose 35% and 156% respectively from the second quarter a year ago, while its gaming revenue increased 85%.
- The company's share price fell 2.2% on Wednesday to $190.40.
Read more: Hive Strengthens GPU Arsenal With $66M Nvidia Buy
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
