Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets
Chip giant Nvidia (NVDA) said its contribution from sales of cryptocurrency mining processor (CMP) was “nominal” for its 2023 fiscal first quarter ended May 1, 2022, constituting a drag on year-over-year revenue for its OEM business unit.
-
Nvidia’s said first quarter revenue for its “OEM and Other” business unit fell 52% to $158 million from the same quarter last year due to a decline in its cryptocurrency mining processor sales, according to a filing.
-
The chip maker didn’t disclose the specific amount of sales for its mining processor unit in the first quarter, but labeled it as “nominal” and down from $155 million a year ago.
-
This comes after the sales of the CMP unit continued to decline with the price of cryptocurrencies in general. In Nvidia’s previous quarter, CMP revenue fell 77% from the previous quarter.
-
Nvidia’s total first quarter revenue was $8.29 billion, beating the consensus estimate of $8.12 billion, according to FactSet. Its “OEM and Other” unit contributed only about 2% of the first quarter revenue.
-
Adjusted earnings per share of $1.36 beat consensus estimates of $1.30. However, Nvidia gave fiscal second quarter sales guidance of $8.10 billion, which missed the consensus estimate of $8.399 billion.
-
The shares of the chip maker were down about 7% in after hours trading on Wednesday.
-
On May 6, The U.S. Securities and Exchange Commission (SEC) said that Nvidia failed to disclose that cryptomining was a significant contributor to its 2018 revenue and the company agreed to pay a $5.5 million fine to settle the charges.
The Festival for the Decentralized World
Thursday – Sunday, June 9-12, 2022
Austin, Texas
DISCLOSURE
Please note that our
cookies, and
do not sell my personal information
has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies. CoinDesk is an independent operating subsidiary of
Digital Currency Group, which invests in
and blockchain
startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets
Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets
Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.
