Nvidia’s Crypto Mining Chip Revenue Falls Again

Nvidia’s cryptocurrency mining processor (CMP) sales are down $266 million from a year ago as revenue from the CMP were once again “nominal” for the second quarter of 2023.

The chipmaker had described sales of the CMP as “nominal” in the previous quarter.

Nvidia’s overall second-quarter revenue for the business unit fell 66% to $140 million from the same quarter last year driven by lower notebook OEM sales.

Sales of the CMP unit continued to decline with the price of cryptocurrencies in general.

Nvidia’s total second-quarter revenue was $6.7 billion, meeting estimates of $6.7 billion.

Adjusted earnings per share of 51 cents beat consensus estimates of 50 cents.

Nvidia also gave fiscal third-quarter sales guidance of $5.90 billion, plus or minus 2%, well short of the consensus estimate of $6.9 billion.

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