By PENG Xin
US tech company NVIDIA has reported revenue of US$6.7 billion (46 billion yuan) in Q2, up 3 percent from a year ago but down 19 percent from the previous quarter.
Net profit was US$1.3 billion, down 51 percent from a year ago and 62 percent from Q1. GAAP earnings per diluted share for the quarter were US$0.26, down 72 percent from last year and 59 percent in the quarter.
Gaming revenue was down 33 percent year-over-year because of lower sales of its graphics cards for PCs. The decline in gaming products is also down to the decline in crypto mining, with revenue from mining chips collapsing.
The data center business did slightly better in revenue, which rose to .8 billion, driven by cloud providers. Professional visualization business - graphics chips for business use - declined 4 percent to 0 million. Automotive increased 45 percent year-on-year to 0 million.
CFO Colette Kress said Nvidia will adjust product prices with its retailers in response to “challenging market conditions” as sales slow. The global PC market shipped about 72 million units in Q2, down 12.6 percent yearly and the biggest decline in nearly nine years.
After the results were released, Nvidia shares fell more than 4 percent in after-hours trading. This year, its shares have fallen 43 percent amid a sell-off in semiconductor stocks, but it remains the largest U.S. chip company by market value.
