Global chip manufacturer Nvidia Corp. reported a 77% drop in its revenue from cryptocurrency mining processors in the last quarter of the fiscal year 2022, but the firm is optimistic about its upcoming offerings.
NVDA is down 1.90% premarket.
Fourth-quarter CMP revenue stood at $24 million, down from $105 million the previous quarter. The fiscal year’s CMP revenue was recorded at $550 million after the offering was launched in February.
Total revenue for the quarter was recorded at $7.643 billion, up 8% from $7.103 billion in the third quarter and 53% higher than the $5.003 billion in the fourth quarter of the previous year.
Net income jumped 22% quarter-on-quarter and 106% year-on-year to $3.033 billion, while diluted earnings per share were recorded at $1.18, up 22% from $0.97 the previous quarter and 103% from the $0.58 in the fourth quarter of 2021.
Founder and Chief Executive Jensen Huang said the company is set to announce “many” new products, applications, and partners for Nvidia Computing moving forward, citing “exceptional demand” for the offerings.
Nvidia expects revenue for the first quarter of the fiscal year 2023 with a revenue of $8.10 billion.