Nvidia reported second-quarter earnings beating Wall Street estimates backed by strong graphics card sales, according to a press release by Nvidia on Wednesday.
- However, Nvidia’s cryptocurrency chip product, CMP, recorded lower sales at $266 million than the $400 million the company forecasted in May.
- Nvidia forecast $6.8 million in revenue in the current quarter, beats market estimates by Refinitiv of $6.5 billion.
- The graphics chipmaker is in a period of consistent, massive growth in its business as semiconductors are in short supply globally and as demand for its processors soared.
- Nvidia’s revenue increased 68% annually during the quarter. In the first quarter, sales rose by 84%.
- Graphics chips like Nvidia makes are increasingly significant for a wide range of technologies, including gaming, artificial intelligence, and types of cryptocurrency mining.
- Nvidia’s graphics segment grew by 87% to $3.91 million, growing faster than the compute and network segment, which incorporates chips for data centers.
Gaming was one highlight market, which was up 85% to $3.06 million. Nvidia has had supply chain issues since late last year as its latest line of graphics cards has remained mostly sold out in stores. NVDA down -2.15%