Nvidia's financial report: CMP chip products used for cryptocurrency mining had sales of only $266 million in the quarter

After the U.S. stock market closed on Wednesday, August 18, U.S. chip giant Nvidia released the company's second quarter financial report for fiscal year 2022 ending August 1. The report showed that Nvidia's revenue in the second quarter of fiscal year 2022 ending August 1 was US$6.51 billion, setting a new record for at least three consecutive quarters and the first time in history to break the US$6 billion mark. In the fourth quarter of last year, revenue reached US$5 billion for the first time in history.

But what surprised the market was that CMP's sales of chips used for cryptocurrency mining were only $266 million in the quarter, more than 30% lower than the company's forecast of $400 million in May. Sales in the previous quarter were $155 million, which was obviously negatively affected by the sharp drop in prices of cryptocurrencies such as Bitcoin and Ethereum during the reporting period.

In addition, Nvidia CFO Colette Kress also expressed confidence in the acquisition of British Arm, and Nvidia expects that crypto mining chips will contribute little to sales.