9/7/2023 0 Comments Nvda earnings 2022While Gaming navigates significant short-term macroeconomic challenges, we believe the long-term fundamentals in Gaming remain strong. We are unable to accurately quantify the extent to which reduced crypto money contributed to the decline in Gaming demand. As noted last quarter, we had expected cryptocurrency money to make a diminishing contribution to Gaming demand. We implemented programs with our Gaming channel partners to adjust pricing in the channel and to price-position current high-end desktop GPUs as we prepare for a new architecture launch. Macroeconomic headwinds across the world drove a sudden slowdown in consumer demand. The decline in Gaming GPU revenue was sharper than anticipated driven by both lower units and lower ASPs. As discussed in May, we expected a sequential decline in Gaming revenue due to softness in Europe related to the war in Ukraine and COVID lockdowns in China. Revenue of $2.04 billion was down 44% sequentially and down 33% year on year, reflecting challenging market conditions. Today, we will share with you more details on our Q2 results and Q3 outlook. As we had indicated in our pre-announcement press release on August 8, we experienced a shortfall to our expectations driven primarily by weaker Gaming revenue. Total revenue of $6.7 billion was down 19% sequentially and up 3% year on year, below the $8.1 billion outlook we provided on our last earnings call.
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