Gaming Revenue Falls 33% As Nvidia Fails On Q2 Results

Due to a double-digit reduction in gaming revenues, Nvidia announced that its second-quarter income fell short of its goal. Nvidia CEO and founder Jensen Huang commented on the company’s second-quarter financial results for the 2023 fiscal year, “We are navigating our supply chain transitions in a challenging macro environment, and we will get through this.” Falling Gaming Revenues The $2.04 billion in gaming revenue for Nvidia was a 33% decrease from the previous year. Concerning the first quarter, that indicates a 44% decrease. On a conference call with investors today, Nvidia Chief Financial Officer Colette Kress stated the difficult market circumstances of the gaming company in the second quarter. Nvidia had been anticipating a decline in gaming revenue since May as a result of factors like the conflict in Ukraine and COVID-19 lockdowns in China. Kress stated, “As noted last quarter, we had expected cryptocurrency mining to make a diminishing contribution to gaming demand; we are unable to accurately quantify the extent to which reduced crypto mining contributed to the decline in gaming demand.” The general revenue for the second quarter was $6.7 billion, an increase of 3% over the same time last year. Its net earnings were $656 million, a 72% decrease from the previous year. That was $6.7 billion in overall sales corresponds to the estimate Nvidia presented in a preliminary earnings report on August 8. Fall of Professiona...