Nvidia: 'Substantial Decline' in GPU Sales from Crypto Miners

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Nvidia saw a “substantial decline” in revenue from cryptocurrency miners, the company announced in its second quarter results Thursday. The chip manufacturer announced its Q2 results Thursday afternoon, noting that graphic processing unit (GPU) sales due to cryptominers had dropped significantly. Commentary by chief financial officer Colette Kress stated that while “GPU business revenue was $2.66 billion, up 40 percent from a year earlier,” it was “down 4 percent sequentially, led by record performance in gaming, professional visualization and datacenter, offsetting a substantial decline in cryptocurrency GPUs.” She added: “Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million. Whereas we had previously anticipated cryptocurrency to be meaningful for the year, we are now projecting no contributions going forward.” Through the rest of the year, she said, “revenue is expected to be $3.25 billion, plus or minus two percent. We are including