NVIDIA reports record revenue of $13 billion
Date: 2023-08-24 Author: Karina Ziganova Categories: BUSINESS, IN WORLD
NVIDIA reported record revenue in its latest earnings report on August 23rd.
The chip giant reported that it posted a record $51.2 billion in Q2 2013 revenue, up 2023% from a year ago and up 101% from last quarter.
In addition, NVIDIA assumed that most of these revenues were related to data center category revenues. This category, which includes many of its artificial intelligence (AI) technologies, generated a record $10.32 billion in revenue for Q2 2023. This number is up 171% year-over-year and 141% more than last quarter.
The company also highlighted its growing focus on generative AI and accelerated computing. Jensen Huang, NVIDIA Founder and CEO, said:
“A new computer era has begun. Companies around the world are moving from universal computing to accelerated computing and generative AI. ... NVIDIA GPUs ... make up the computing infrastructure for generative AI.”
Huang added that "the race to embrace generative AI continues," drawing attention to various AI-focused developments and partnerships involving NVIDIA and its products.
The company went on to describe several recently announced chips with AI applications, as well as AI-related partnerships with companies such as VMWare, ServiceNow, Accenture, and SoftBank. He also highlighted his NVIDIA Avatar Cloud Engine, designed to create video game characters that can talk, and a partnership with MediaTek, which is partly about AI for automotive systems.
Cryptocurrency mining fades into the background
NVIDIA has previously become prominent in the blockchain sector through its involvement in cryptocurrency mining. In 2021, the company introduced a line of GPUs called Cryptocurrency Mining Processors (CMPs), which are designed exclusively for use in cryptocurrency mining.
However, NVIDIA has faced controversy around its crypto business. When NVIDIA introduced its CMP chip, it also limited the ability to mine non-CMP chips. Then, in 2022, NVIDIA was fined by the SEC for not disclosing how mining affected its gaming business. One NVIDIA executive was particularly critical of the cryptocurrency, saying that it adds nothing to society. These contradictions coincide with the minimal attention paid to cryptocurrencies in recent times.
In fact, NVIDIA's latest report doesn't mention cryptocurrency mining at all. Past reports suggest CMP chip sales are declining: In a May 2022 SEC filing, the firm said CMP's quarterly revenue was "nominal" and down from $155 million.
