The RTX 30 Series has reported the best Gaming product cycle ever. The segment raked in total revenue of $3.6 billion, a healthy 6% growth from the previous quarter and a whopping 31% growth YoY. In that report, its gaming segment was a bright spot. Let's start with a recap of its Q1 FY2023 earnings reported on May 31, 2022, only less than 3 months ago. Things have changed rapidly for Nvidia ( NASDAQ: NVDA) during the past few months. "We are unable to accurately quantify the extent to which reduced cryptocurrency mining contributed to the decline in Gaming demand," Kress continued.Antonio Bordunovi FYQ2 outlook and thesis "Volatility in the cryptocurrency market – such as declines in cryptocurrency prices or changes in method of verifying transactions, including proof of work or proof of stake – has in the past impacted, and can in the future impact, demand for our products and our ability to accurately estimate it," CFO Kress said in a statement. Since then, Nvidia has said it doesn't have visibility into how much cryptocurrency affects the demand for its products, even as cryptocurrency prices have plunged this year. In May, Nvidia said it would pay $5.5 million as part of a settlement with the SEC about how it informed investors about how cryptocurrency was stoking demand for its graphics cards in 2017. Nvidia's success in the past two years has been largely attributed to the quality of its latest generation of graphics cards, which were in hot demand for PC gaming during the pandemic.īut questions remain about whether Nvidia's growth was partially driven by cryptocurrency miners, who like Nvidia's graphics cards because they are efficient at mining Ethereum. Limited visibility into cryptocurrency mining demand
In May, Nvidia said it would slow its pace of hiring in the face of macroeconomic challenges. It had been a pandemic darling, rising heavily as work-from-home prompted purchases of graphics cards and server chips, supercharging Nvidia's business and driving 61% revenue growth in fiscal 2022. Nvidia stock is down over 42% so far since the beginning of the year. Nvidia said that revenue from its dedicated cryptocurrency mining chips, CMP, was "nominal," contributing to a 66% annual decrease in its OEM and other category. Automotive remains small, although it increased 45% year-over-year to $220 million.
Its professional visualization business, which sells graphics chips for enterprise uses, declined 4% annually to $496 million. Nvidia also has a few smaller lines of business. It rose 61% on an annual basis to $3.8 billion, driven by what the company calls "hyperscale" customers, which are big cloud providers. The company's data center business did slightly better. Nvidia said it would adjust prices with its retailers to address "challenging market conditions" for the industry that it said it expected to persist through the current quarter.
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