Nvidia reported 16% profit growth in the second quarter of this year

According to the latest financial report presented by the largest manufacturer of video cards Nvidia, in the second quarter of this year, the company’s profit grew by 16%.

The Nvidia report for the second quarter of this year states that the company’s revenue was $ 2.58 billion with a profit of $ 1.24 per share. At the same time, in the previous quarter, Nvidia’s profit was $ 2.2 billion. Although recent results show a significant increase in profit by 16% compared with the first quarter, annual revenue remains 17% lower compared to the previous year.

Nvidia forecasts an even higher revenue of $ 2.9 billion in the next quarter, an increase of 2%. Along with changes in the release of graphics processors, the company also emphasized the successes in the field of artificial intelligence and the constant profitability of its gaming segment, which remains the main driver of revenue.

During the “cryptocurrency winter”, hard times came for manufacturers of ASIC miners and video cards. If in the first quarter of last year, Nvidia earned $ 289 million on miners, then according to the results of the next quarter, sales of video cards for mining “fell markedly”. This was also confirmed in the third quarter of 2018. In December, the value of Nvidia shares fell by 48%, after which the shareholders filed a class action against the company due to a drop in demand for GPUs from miners.