In the long term, the company expects its digital currency mining GPU sales to have a minimal impact. Nvidia sold more than $6.5b worth of goods, beating expectations. The processor manufacturer, on the other hand, fell short of its goals due to its range of virtual currency GPUs.
The IT conglomerate in the United States released financial data for the second quarter, which ended on August 1st. In the first quarter, sales of $6.5 billion increased by almost 15%, with profits of $1.04 billion, largely due to professional graphics equipment, data centre, and gaming sales.
Due to the release of the Nvidia Ray Tracing Texel eXtreme 3080 Ti and 3070 Ti, the gaming segment led the milestone increase of $3.06b in sales and roughly 85% over the previous year. Nvidia’s data centre sector generated $2.37 billion in revenue, but the company’s professional graphics solutions division brought in $519 million in revenue.
According to Nvidia, it Expects Q3 Sales to be $6.80 Billion
However, the conference call revealed that one critical area fell short of expectations. During the first-quarter earnings call, Nvidia’s Chief Financial Officer, Colette, estimated a second-quarter CMP line sales of $400 million.
In the second quarter, Nvidia reported CMP sales of roughly $266 million, falling short of expectations by around a third. Since its incorporation in February, the CMP series has generated revenues of $155 million.
Dedicated miners and gamers are fighting over supplies of a top-of-the-line graphics card sold by the major graphics processing unit vendor. GPUs in the 3060 series now have hash rate limiters built in to limit the devices’ potential for digital currency mining.
This is because Nvidia’s RTX 3070, 3060 ti and 3080 GPUs have much lower Eth hashrates, as announced in the second half of May. The current GPUs have such a low Hash Rate that they are designed for gaming rather than digital currency miners.
Aside from ensuring enough hardware availability for gamers, the business expects a less contribution from GPU vendors’ digital currency-related earnings as a result of the new initiatives to lower mining power in gaming GPUs.
Randal Daly has been following the crypto space since 2024. He is a passionate advocate for blockchain technology, and believes that it will have a profound impact on how people live their lives. In addition to being an avid blogger, Randal also enjoys writing about developments in the industry as well as providing useful guides to help those who are new to this exciting frontier of finance and technology.
