Our crypto business is dead and it's never coming back (NVDA) — NVIDIA

Judy Cobb
August 18, 2018

"We believe we've reached a normal period as we're looking forward to essentially no cryptocurrency as we move forward", Nvidia CFO Colette said.

It projected third-quarter revenue of $3.25 billion, plus or minus 2 percent, falling short of analyst estimates of $3.34 billion, according to Thomson Reuters I/B/E/S.

But since then, the whole cryptocurrency market has largely tanked.

On Thursday, Nvidia reported a huge drop in GPU sales for cryptocurrency mining rigs during this year's second quarter, when Bitcoin's value sunk to a yearly low. There is also no way to accurately tell what graphics cards were bought for what goal, with Chief Executive Jensen Huang explaining that even gamers can "do some mining" while they sleep.

Ether's value has fallen from a high around $1,400 in January to around $300 today-a decline of nearly 80 percent. It also downplayed its gross margin forecast to 62.8 percent instead of the expected 62.9 percent analysts were hoping for. Gamers typically hold off on purchasing chips when new models are just around the corner.

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Nvidia's largest and oldest business of selling graphical processing units, or GPUs, for video game players beat analyst estimates, bringing in $1.8 billion compared with estimates of $1.75 billion, according to data from FactSet.

While data centers now account for a fifth of the company's revenue, Bloomberg noted, the gaming industry is still its main income source. This pattern was also observed across the board, with revenue beating analysts' prediction across markets of data centers, visualization, and auto-related revenue.

According to details from the financial report, Nvidia hit revenues of $3.123 billion, up by 40 percent compared to the same quarter a year ago, but down by three percent compared to the last quarter. Total revenue rose 40 percent to $3.12 billion.

Over the quarter net income rose 89 per cent to $1.1 billion, with gaming revenue jumping 52 per cent from past year, reaching $1.8 billion.

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