Nvidia’s Crypto Business Dries Up, Worrying Investors

By Anonymous

Shares of chip maker drop after hours despite robust sales and profits for latest quarter

Nvidia Corp. reported robust sales and profits during its second quarter, but warned that revenue from products geared toward cryptocurrency mining would be sharply weaker than expected.

The chip maker previously anticipated cryptocurrency-specific products would contribute around $100 million in revenue during the quarter, but those products produced just $18 million in sales, Chief Financial Officer Colette Kress said.