Nvidia Issues Muted Outlook as Videogaming Business Slows

Graphics chip maker Nvidia Corp. issued a muted outlook and reported a sharp decline in quarterly sales, driven by waning consumer demand for its videogaming chips after a pandemic-fueled boom and the onset of the cryptowinter. America's largest chip company by value on Wednesday said revenue fell 17% to $5.93 billion after gaming-segment sales more than halved in its fiscal third quarter. Net profit was $680 million. The sales were above expectations in a survey of analysts by FactSet, but net profit fell short. A flood of Nvidia's products are being unloaded by people who had used them in calculation-intensive cryptocurrency mining that may be denting demand, Nvidia's Chief Financial Officer Colette Kress said.