NVIDIA posts 40% sales growth in Q2 but warns on crypto sales

NVIDIA reported revenue of $3.12 billion for its second quarter ended July 29, 2018, up 40 percent from $2.23 billion a year earlier, and down 3 percent from $3.21 billion in the previous quarter.

GAAP earnings per diluted share for the quarter were $1.76, up 91 percent from $0.92 a year ago and down 11 percent from $1.98 in the previous quarter. Non-GAAP earnings per diluted share were $1.94, up 92 percent from $1.01 a year earlier and down 5 percent from $2.05 in the previous quarter.

“Growth across every platform – AI, Gaming, Professional Visualization, self-driving cars – drove another great quarter,” said Jensen Huang, founder and CEO of NVIDIA. “Fueling our growth is the widening gap between demand for computing across every industry and the limits reached by traditional computing. Developers are jumping on the GPU-accelerated computing model that we pioneered for the boost they need.

However, Colette Kress, NVIDIA’s CFO, warned that boom in sales for crypto mining applications is over. In a prepared statement on the company’s investor call she said ““Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million.”

For its data centers category, quarterly sales amounted to $760 million, driven by demand from hyperscale customers.