Nvidia Q2 Results Games Soar, Crypto Crashes

Jensen Huang CEO and founder Nvidia speaking at GTC Summit 2018

Gaming department revenue growth was also up by 52 percent compared to the past year, hitting United States $1.8 billion, and once again proving to be the real money-maker for Nvidia.

During a previous earnings call, an Nvidia representative said the company modeled cryptocurrency profits "approximately flat", adding that much of the demand for its graphics cards came from the number of "amazing games that are out right now". However, looking beneath the surface we learned that the "crypto gold rush is over", which has impacted both these new results and projections for Q3.

Nvidia said it had expected about $100 million in sales of chips bought by currency miners in the fiscal second quarter. There is also no way to accurately tell what graphics cards were bought for what objective, with Chief Executive Jensen Huang explaining that even gamers can "do some mining" while they sleep. Still, the company's stock value is up over 30 percent since the beginning of the year. The results were pretty good overall, with strong demands for Nvidia products for AI and data center applications. It also downplayed its gross margin forecast to 62.8 percent instead of the expected 62.9 percent analysts were hoping for. Despite the crypto-related sales decline, sales from gaming surged 52% to $1.8 billion, and data center-related sales surged 83% to $760 million.

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While data centers now account for a fifth of the company's revenue, Bloomberg noted, the gaming industry is still its main income source.

Shares of Nvidia were down more than five percent in after market trading.

According to details from the financial report, Nvidia hit revenues of $3.123 billion, up by 40 percent compared to the same quarter past year, but down by three percent compared to the last quarter. This also beat analysts' predictions of $1.67 a share. However, analysts were expecting $3.34 billion (£2.62bn) for that period. The company's net profit was of $1.1 billion, or $1.76 a share, well above its $583 million, or 92 cents, from a year ago.

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