According to the results for the second quarter of fiscal 2023, Nvidia’s revenue fell 19% to $6.5 billion, down 19% from the previous reporting period. The company said it had only “limited information” about the impact of the mining industry on their business. .

The GPU maker’s results fell short of analysts’ consensus estimates of $6.9 billion in revenue. Net profit fell 59% to $656 million.

Revenue in the gaming segment fell from $3.6 billion to $2.04 billion. The company’s chief financial officer, Colette Kress, attributed the dynamics to “difficult market conditions.”

“We don’t really understand how [добыча криптовалют] It affects overall demand for devices and how the reduction in miners’ needs is affecting the division’s revenue decline,” he added.

Kress noted that in the past, the volatility of the cryptocurrency market and users switching between different distributed networks have impacted demand for Nvidia products.

“Changes to transaction verification methods, including Proof-of-Work or Proof-of-Stake, have been in the past and will continue to impact demand for products and the ability to accurately assess results,” he said.

Recall that in 2022, the US Securities and Exchange Commission penalized Nvidia for falsifying data on the impact of mining on the company’s business.

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