Nvidia CFO: Falling Crypto Prices and Changes in Consensus Mechanisms Impacted Demand for Its Products

Nvidia CFO Colette Kress says the company has been unable to estimate reduced crypto mining demand impacted its Q2 results, which fell short of analyst expectations on Wednesday. Nvidia released its financial results for the three months ended Jul. 31, which revealed a 19% quarter-on-quarter drop in revenue to $6.5 billion, while net income fell 59% to $656 million. Revenue for its gaming division, which includes sales of its high-end GPUs, fell 44% in revenue from the previous quarter to $2.04 billion, which Nvidia attributed to "challenging market conditions."