Nvidia Crypto-Mining GPUs Revenue Falls In Q2

Nvidia failed to sell as many crypto-mining GPUs as expected in its Q2. The company expected a minimal addition from its cryptocurrency mining processor sales.

Nvidia Crypto-Mining GPUs Revenue Falls In Q2
Nvidia image/optimisus

Nvidia, the American multinational technology company that designs graphics processing units for the gaming and professional markets, beat its expectations by generating over $6.5 billion in revenue. However, the chip producer didn't hit its target for its crypto-mining GPU business.

Recently, the tech giant announced its financial results for its second fiscal quarter (Q2), which ended Aug. 1, 2021. Nvidia highlighted that it made $6.51 billion in revenue. This means it was 15% up from Q1. As a result, it gained $1.04 billion in earnings from gaming, data center, and professional visualization equipment sales.

With the addition of GeForce RTX 3080 Ti and RTX 3070 Ti, the gaming segment led the record growth with $3.06 billion in revenue and an 85% growth from last year. Nvidia’s data center business brought in $2.37 billion in revenue, while its professional visualization products earned $519 million.

Nvidia announced that the company is expecting $6.80 billion in revenue in the third fiscal quarter. However, it wasn't what the company expected. Nvidia CFO Colette Kress predicted a $400 million return for the firm's crypto mining processor (CMP) line for Q2 in Q1.

According to reports, Nvidia missed its target by a one-third gap as the company only earned $266 million in CMP sales in Q2. The CMP line was introduced in February and made $155 million in the first quarter.

It seems like Nvidia is having a hard time since the crypto crackdown on miners. Also, it is hard for the firm to balance the supply between hardcore gamers and crypto miners for its high-end graphics units.