Nvidia reports worse-than-expected quarter due to falling demand for video games
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American graphics card manufacturer and software company Nvidia reported that its total revenue in the second quarter was $6.7 billion, up 3% from a year earlier. Net profit amounted to $656 million, it decreased by 72% year-on-year. Revenue per share was $0.51, which was lower forecasts analysts who expected $0.53.
The company attributed the weak performance to “challenging market conditions.” Thus, the revenue of one of the main (gaming) divisions of Nvidia in the second quarter amounted to $ 2.04 billion, which is 33% less than a year earlier, and 44% less than in the first quarter of this year. Previously, experts predicted reduction demand for video games, attributing this to a market correction that has risen sharply during the pandemic.
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