AMD Posts Highest Net Income In Seven Years, Says Crypto Boom is Over
Credit:
Business Insider
The cryptocurrency boom has all but dried up for chipmaker AMD.
After seeing an unexpected boost from the crypto craze earlier this year – which led to graphics cards flying off the shelves – the company admitted on its earnings call Wednesday that it expects the impact to fall to nearly zero in the third quarter.
“For Q2, we were approximately 6% of revenue for blockchain,” Lisa Su, AMD’s chief executive, told analysts. “For Q3, we’re planning very little blockchain.” Despite a recent uptick above $8,000, bitcoin, still the world’s largest cryptocurrency by market cap, is down 39% since this year. Luckily, AMD said revenue from its data centers and new line of processors called Ryzen made up for any drop in crypto revenue.
