What you need to know
- NVIDIA recently revealed its financial results for the last quarter.
- The net income decreased by 50 percent while revenue is down 17 percent.
- The video game industry is a volatile place.
- Increased competition from AMD may have been one of the factors.
The video game industry is a tough market and even established companies have a hard time. Today, the graphics card manufacturer, NVIDIA, announced its financial results for the second quarter of the fiscal year. Unfortunately, they're not that good.
While the company didn't register a loss, net income is down 50 percent and revenue is down 17 percent. You can read an excerpt from the financial report below.
NVIDIA today reported revenue for the second quarter ended July 28... of $2.58 billion compared with $3.12 billion a year earlier... GAAP earnings per diluted share for the quarter were $0.90, compared with $1.76 a year ago. Non-GAAP earnings per diluted share were $1.24 compared with $1.94 a year earlier.
Despite the fact that NVIDIA may not be selling as many cards, that didn't stop Jensen Huang, the founder of NVIDIA, from painting an optimistic picture. "We achieved sequential growth across our platforms," said Huang. "Real-time ray tracing is the most important graphics innovation in a decade. Adoption has reached a tipping point, with NVIDIA RTX leading the way."
Next-generation consoles are around the corner and Microsoft claims that Project Scarlett features hardware-accelerated ray-tracing support. It'll be interesting to see how AMD's implementation stacks up with NVIDIA's in the coming months.
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