Nvidia’s fiscal net income has reached $2.4 billion in Q2, but despite the growth, the sales of the tech giant's blockchain mining chip failed to meet expectations.
Nvidia has outperformed expectations in all its market platforms, including gaming, data center, professional visualization and automotive, the company said in a press release.
The authorities collectively seized the allegedly smuggled goods worth $3.8 million in the waters off the Hong Kong International Airport.
A California district judge ruled in favor of the GPU manufacturer in the case, finding that Nvidia did not mislead investors as alleged over the nature of demand for its GPU products.
An Nvidia executive said if demand in the digital currency market picked up to a “meaningful” level, the company could again start selling specialized cards to address the mining demand.
Nvidia attorneys have argued that the ongoing court proceeding does not entitle its investors to access the company's internal records related to the "crypto craze" of 2017 and 2018.
Lawyers for the group of shareholders claim that Nvidia's lawyers convinced the former employee, dubbed "FE 5," to "disavow" several critical statements.
The manufacturing giant is accused by investors of misrepresenting revenue from 2017 and 2018, running to the tune of over $1 billion.
The chip giant is accused by a group of investors of falsely reporting the revenue as coming from its gaming chip business.
The graphics chip manufacturer avoids a massive lawsuit claiming it lied about its product supply levels.
Nvidia believes the crypto mining lawsuit doesn’t have any merit, arguing that the investors are only “cherry-picking” data to try to support their case.
Nvidia is slowly recovering as the crypto mining industry gears back up for growth.
