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.
- 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.
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