In spite of the decline, Nvidia reported better-than-expected earnings overall.
That's what happened today, when the Santa Clara, California-based company reported its fiscal second-quarter results and saidrevenue from cryptomining systems dropped to nearly zero.
For a second quarter in a row, investors ignored Nvidia's growth in its main markets and ditched the stock, which fell about 5% in extended trading.
Revenue from original equipment manufacturers and intellectual property, including products for cryptocurrency mining, was down by 70 per cent at $116 million (£91m), well below the $188 million (£147m) analyst estimate, according to Reuters. The company's net profit was of $1.1 billion, or $1.76 a share, well above its $583 million, or 92 cents, from past year.
The chipmaker now expects third-quarter revenue to be around $US3.25 billion where the Street had previously expected $US3.34 billion. 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.
Nvidia reported in May that it had generated a total of $289 million after selling graphics processors used in the crypto mining industry. Non-GAAP earnings were $1.94 per share on revenue of $3.12 billion, up 40 percent year-over-year.
With total revenues standing at $3.12 billion for the three months, cryptocurrency-specific products declined to approximately $100 million with the downward spiral set to continue through the next couple of quarters. Analysts estimated $3.11 billion.
"Growth across every platform - AI, Gaming, Professional Visualization, self-driving cars - drove another great quarter", said Jensen Huang, CEO of Nvidia. "Developers are jumping on the GPU-accelerated computing model that we pioneered for the boost they need". Automotive grew 13% to $161 million.
That being said, the company has downplayed the actual impact mining demand has had on its financials.
"Even with the weaker outlook, sales are growing 23% y/y, just as the sustainable revenue streams are beating consensus", SunTrust analyst William Stein said in a note sent out to clients after the results. Turing, as it's called, will also make its way into gamer and data centre chips. Operating expenses ended up at $818 million, up by 33 percent compared to the past year and up by six percent from the previous quarter.
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