Nvidia Q2 2022 earnings shows a loss of over one billion dollars, according to its preliminary revenue numbers as reported by The Verge.
The loss is as compared to the same period in 2021, at the height of the pandemic, when many people had loads of time and no where to go. Nvidia had made $3.06 billion during the second quarter of 2021 but its 2022 numbers in 2022 are lesser.
The company posted a revenue of $2.04 billion, representing a 33.33 per cent loss year-over-year. However, the anomaly was actually the 2021 increase as the gaming hardware company did not make as much before the pandemic. In fact, its 2022 sales is an increment, if things had remained the same.
Besides the decrease in GPU demand, which is affecting Nvidia sales, there is also the fact that the gaming processor is experiencing an excessive availability because cryptocurrency miners are flooding the market with it. Their reason is likely due to some of them exiting the industry because of plunging prices.
Nvidia is not alone in suffering misfortune at this time as other hardware sellers as well, like Logitech have faced similar problems. A research from NPD mentioned that overall, gaming sales have dropped by 13 per cent in the second quarter of this year.
The gaming hardware company has a new chip line one the way and if that is not enough to turn its fortune around, it also has free games to offer.
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