Cryptocurrency and data centre drops hit Nvidia results
Cryptocurrency and data centre drops hit Nvidia results
Nvidia reports record quarterly revenue at $3.21 billion
11 May, 2018, 21:27
For fiscal 2019, it plans to return United States dollars 1.25 billion. In total, Nvidia's GeForce gaming business brought in $1.72 billion, growing 68 percent compared to Q1 past year. The company said it returned USD 746 million to shareholders in the quarter through USD 655 million in share buybacks and USD 91 million in quarterly cash dividends.
"Crypto miners bought a lot of our GPUs in the quarter and it drove prices up", Nvidia Chief Executive Officer Jensen Huang said on a conference call.
Shares of Nvidia Corp. fell 2 percent on Friday as investors anxious that a short-term surge in demand for graphics chips from cryptocurrency miners may be undermining its core business with computer gamers. The gaming market is quite healthy but most smart gamers/consumers are still holding out on the upgrade hoping for either a new GPU at reasonable price, an end of the price-hike for current graphics card, or for the market to get flooded by cheap graphics cards used for cryptomining, which is the worst-case scenario for both Nvidia and AMD, as it will heavily reflect on their future financial reports.
Nvidia is coming off a record quarter in which revenue shot up 66 percent year-over-year to $3.21 billion. With that in mind, I do wonder whether or not we'll see new GeForce GPUs any time soon.
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The company brought in $289 million from mining-related activity in Q1, even as supply and demand for GPUs in crypto machines has stabilised.
Nvidia held their Q1 earnings call last night, boasting bumper revenue, but also announcing an expected 67% drop in cryptocurrency revenue for the next financial quarter because of the recent dip in mining GPU demand.
Analysts had predicted somewhat lesser earnings, $200 million, but extra earnings didn't translate to a better position for the company.
"The crypto thing is no longer a relevant bear theme", Mosesmann said in a note to clients. This is up 33 percent from a year ago. Nvidia managed to secure a deal with several key auto manufacturers, and its DRIVE Pegasus AI computing platform with Xavier SoC will probably get the company some future wins.
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