Nvidia Corp. has been flying high for years thanks to big demand for its graphics chips in gaming, high-performance computing and artificial intelligence, but that means even a small dip in altitude can upset investors.
Earnings: $US1.94 per share where analysts had expected $US1.85.
Nvidia revealed the news during its second quarterly results, showcasing a lucrative first half of the year.
Ethel Jiang Business Insider
Nvidia shares fell 5.6% after hours, following a 0.6% decline to close the regular session at $257.44.
Gaming department revenue growth was also up by 52 percent compared to the a year ago, hitting United States $1.8 billion, and once again proving to be the real money-maker for Nvidia. Revenues were up 40% year on year to $2.23bn, but down a couple of percentage points on the previous quarter.
Following Thursday's closing bell, Nvidia announced second-quarter earnings of $1.94 a share on revenue of $3.12 billion. The drop off in crypto trade was sudden and pretty severe, with Nvidia reporting in its Q2 earnings that OEM revenue declined by 54% year-on-year and 70% sequentially, with Colette Kress, CFO of Nvidia, attributing that primarily to the drop in crypto to "fairly minimal levels".
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When it comes to specific departments, Jensen was quite proud to say that the company grew across every platform, and Datacenter was the clear victor with a revenue increase of 83 percent compared to the past year.
Nvidia has been one of the hottest technology stocks in recent years because of surging demand for its high-powered graphics chips, which are used in data centers and to power crypto mining operations.
While Nvidia beat Q2 expectations for revenue at $3.1 billion and net earnings of $1.94 per share, or $1.2 billion in net income, they weren't enough to impress Wall Street. Analysts estimated $3.11 billion. Nvidia's automotive business rang up $161 million in revenue and its professional visualization revenue came to $281 million.
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"Crypto largely disappeared" from demand, founder and Chief Executive Officer Jensen Huang said today. "Developers are jumping on the GPU-accelerated computing model that we pioneered for the boost they need".
The company's main businesses are doing "terrific" and Nvidia continues to show strong growth on a year-over-year basis, Huang said.
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