nVidia fined for failure to disclose cryptomining sales boost
Citiraj:
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The U.S. Securities and Exchange Commission (SEC) announced Friday that it settled charges against multinational tech firm nVidia for "inadequate disclosures" of cryptomining's impact on its gaming business. Settled charges are linked to nVidia's failure to disclose that much of the company's gaming sales were boosted by cryptomining, with customers increasingly using nVidia GPUs to mine for cryptocurrency starting with 2017. The SEC's order (PDF) reveals that nVidia's gaming revenue increased by 52% for the second fiscal quarter of 2018 (year over year) and by 25% for the third fiscal quarter of 2018 (year over year). While analysts and investors were interested in understanding how much the company's gaming revenue was affected by cryptomining, nVidia did not disclose its massive impact in quarterly reports filed for the second and third fiscal quarters of 2018. The fact that nVidia shared information on how the increasing demand for cryptocurrency had driven other parts of its business also added to the impression that its gaming business was not notably affected.
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