Home Business Chipmaker Nvidia’s crypto-mining chip revenue continues to fall

Chipmaker Nvidia’s crypto-mining chip revenue continues to fall

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Chipmaker Nvidia’s crypto-mining chip revenue continues to fall

Chip giant Nvidia (NVDA) said its cryptocurrency mining processor (CMP) sales were again “nominal” for its fiscal 2023 second quarter ended July 31, from $266 million a year ago. a year. The chipmaker used the same term to describe its CMP sales in the previous quarterresulting in lower revenues for its “OEM and others” business unit.

Nvidia said the business unit’s overall second-quarter revenue fell 66% to $140 million from the same quarter last year, due to lower PC OEM sales. laptops, depending on CFO commentary. The “OEM and others” unit only contributed about 2% of total second quarter revenue.

Sales of the CMP unit continued to decline along with the price of cryptocurrencies in general. At Nvidia fourth fiscal quarterCMP revenue fell 77% from the prior quarter.

Nvidia’s total second-quarter revenue was $6.7 billion, in line with the consensus estimate of $6.7 billion, according to FactSet. Early August, Nvidia pre-announced results below expectationssaying it expected revenue of $6.7 billion, well below its previous forecast of $8.1 billion, mainly due to lower gaming revenue.

Adjusted earnings per share of 51 cents beat consensus estimates by 50 cents. Nvidia also gave a fiscal third-quarter sales forecast of $5.90 billion, plus or minus 2%, well below the consensus estimate of $6.9 billion.

Shares of the chipmaker fell about 2.8% to $167.38 in after-hours trading on Wednesday.

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