With an increasingly diverse operation, when one segment falls there's another growth driver to pick up the slack. Nvidia is spending an annualized $7 billion on research and development in an ambitious attempt to secure leading shares of a diverse list of markets it thinks could be worth a combined $1 trillion annually. The crypto winter is making this downswing particularly dramatic but it isn't anything Nvidia can't overcome. Selling silicon has always been a cyclical business. That was 4% less than the previous quarter and 20% less than the previous-year period. Decelerating enthusiasm for the metaverse kept revenue from the company's professional visualization segment down to just $496 million. Gaming revenue that came in at $2.04 billion was down 33% from the previous-year period and 44% from the previous quarter.Ī cryptocurrency crash isn't the only headwind facing Nvidia at the moment. At least one of these groups is less enthusiastic about buying new graphics cards than it was several months ago. Gamers and cryptocurrency miners buy chips sold by Nvidia's gaming segment. Nvidia was true to its word and reported total revenue that fell 19% from the previous three-month period. A couple of weeks before releasing results from the fiscal second quarter that ended on July 31, 2022, Nvidia told investors to expect just $6.7 billion in total revenue instead of the $8.1 billion windfall management had forecast just a few months earlier.

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