Q2
Nvidia cites limited visibility into crypto mining’s impact on Q2 results
Graphics card giant Nvidia CFO Colette Kress says the company has been unable to estimate reduced crypto mining demand impacted its Q2 results, which fell short of analyst expectations on Wednesday. The chip giant released its financial results for the three months ended July 31, which revealed a 19% quarter-on-quarter drop in revenue to $6.5 billion, while net income fell 59% to $656 million. Revenue for its gaming division, which includes sales of its high-end GPUs, fell 44% in revenue from the previous quarter to $2.04 billion, which Nvidia attributed to “challenging market conditions.” Kress, who also serves as executive vice president of the company, said Nvidia has limited visibility on how the crypto market affects the demand for their gaming products: “Our GPUs are capable of...
‘This is on me’ — Robinhood CEO to lay off 23% of staff after Q2 loss
Online brokerage firm Robinhood will lay off nearly a quarter of its employees, citing a continued deterioration of the macro environment and a broad crypto market crash. The bad news came in a Tuesday blog post from co-founder and CEO Vlad Tenev, on the same day the firm released tepid Q2 financial results and the New York State Department of Financial Services announced a $30 million fine for the company’s crypto branch due to alleged Anti-Money Laundering, cybersecurity and consumer protection violations. Tenev wrote that the layoffs would impact all functions in the company, particularly operations, marketing, and program management, with around 23% of the staff let go. The Financial Times estimated the number of employees impacted to be around 780. “Departing Robinhoodies ...
Experts reveal what Tesla’s $936M sell-off means for Bitcoin
Crypto industry experts are largely unfazed by Tesla’s decision to sell 75% of its Bitcoin (BTC) holdings, saying it’s a fairly typical strategy for companies to improve cash flow during economic slowdowns. On Wednesday, the electric vehicle manufacturer revealed that it had sold 75% of its Bitcoin holdings in Q2, adding $936 million in fiat to its balance sheet. During a conference call, Tesla CEO Elon Musk noted that the sale “should not be taken as a verdict on Bitcoin,” explaining that the move was due to liquidity concerns given the continued COVID-19 lockdowns in China. “The reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximize our cash position:” “We are certainl...
Idowest – Ewe ft. Q2, Abramsoul, & CBlvck
Check out this brand-new music coming from Idowest – Ewe ft. Q2, Abramsoul, & CBlvck. Singer Idowest combines forces with three music acts Q2, Abramsoul, & CBlvck on this tune dubbed “Ewe”. This track is a music stem from the parent body of work “Mafia Culture Vol.2” an EP released by the singer just recently. The Extended Play is a follow-up to the last one, which is the Vol.1 of the Mafia Culture keyword of the singer’s project. The DMW singer teams up with some other fine acts in the game like Patoranking, Davido, Zlatan, Mohbad and other singing sensational acts on this project. With four music stars on this tune, you will be getting a blend of talents and their lyrics all in one sound. Listen and enjoy Idowest – Ewe ft. Q2, Abramsoul, & CBlvck below. Download You Des...
