Nvidia announced record-setting revenue for the quarter ending Aug. 1, even though sales of its cryptocurrency chip fell short of expectations.
The chip maker’s total revenue leaped to $6.51 billion, up 68% from last year and 15% from last quarter — beating Wall Street estimates. Its CMP crypto chip was responsible for $266 million, below the $400 million goal set in May.
Gaming, however, continues to be a bright spot for the California-based company.
- Gaming revenue reached a record $3.06 billion, up 85% year-over-year.
- Its GeForce RTX 3080 Ti and GeForce RTX 3070 Ti graphics cards were released to much fanfare and frustration over limited supply.
The PC hardware developer has experienced huge growth even as semiconductors are hard to come by for companies across the globe. Its cards are attractive to computer gamers for their high performance and also appeal to crypto miners’ need for computing power.
Nvidia was set to acquire British semiconductor and software company Arm for $40 billion — but the acquisition may be blocked by U.K. regulators.
The company expects to set another record next quarter with $6.80 billion in total revenue.