Nvidia said its board has authorized an additional $15 billion in share buybacks through the end of next year. Nvidia said that its cryptocurrency-specific products, CMP, drove a 52% decline in other revenue, as revenue was "nominal" during the quarter. Professional visualisation for workstations grew 67% annually to $622 million, but the company's automotive business was down 10% on a year-over-year basis to $138 million.Įarlier this month, Nvidia announced that it had reached a settlement with the SEC over disclosures in 2017 about how cryptocurrency mining drove the company's growth. The company's results in its smaller lines of business were mixed. Nvidia said it expected gaming revenue to decline sequentially "in the teens" in the current quarter. "We were challenged this quarter with a fair amount of supply chain challenges.The company said that inventory of its graphics chips for gaming, which had been difficult to find at retail prices for the past year, had "normalized," suggesting that the shortage is starting to abate. "We're seeing a great deal of demand for GPUs in the cloud," Huang said on the call. Huang told analysts on the call that the company also faced supply chain challenges that prevented it from selling more systems to data centers.
"I know the demand is strong, but we expected the demand to be even stronger," Huang told Reuters about the write down of data center inventory. Nvidia said it took a $1.34 billion charge in the second quarter as it wrote down inventory built up when it thought the gaming and data center markets would be much stronger. The gaming industry has been showing signs of weakness as consumers pull back from discretionary purchases such as video-gaming gear amid decades-high inflation. Data center revenue held up at $3.81 billion, up 61% year on year.
Its gaming division posted revenue of $2.04 billion, down 33% year on year. The company's second quarter revenue of $6.70 billion was significantly lower than the $8.10 billion Nvidia forecast in May.
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