Nvidia: 'Substantial Decline' in GPU Sales from Crypto Miners
19 August, 2018, 19:45
With total revenues standing at $3.12 billion for the three months, cryptocurrency-specific products declined to approximately $100 million with the downward spiral set to continue through the next couple of quarters.
For nearly a year, cryptocurrency miners have snapped up all the graphics cards they could get their hands on.
In a recent earningscall, Huang went as far as to say that, despite earlier projections, NVIDIA considered sales related to crypto "immaterial for the second half" of the year, as noted in Reuters report.
A "sharp decline" in this sector led to a year-on-year drop of 54 per cent in revenue in the GPU specialist's OEM segment and a 70 per cent decline quarter-to-quarter.
"Crypto largely disappeared" from demand, founder and Chief Executive Officer Jensen Huang said today.
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Revenue in the fiscal third quarter will be $3.25-billion, plus or minus 2%, the Santa Clara, California-based company said in a statement.
On Monday, Nvidiaannounced a new graphics-processing unit (GPU) capable of supporting 8K video playback. The red team similarly survived the crash and is sure to see minimal contributions from mining demand going forward as well. "While actual crypto-specific product revenue was $18 million, and we now expect a negligible contribution going forward". These types of processors excel at making multiple small calculations at the same time, the type of capability that's well-suited for the creation of ethereum and other crypto tokens.
Shares of Nvidia fell 6% in after-hours trading Thursday following a guidance cut from the chipmaker despite posting second-quarter earnings that topped Wall Street's expectations. Nine analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the company's stock.
In terms of guidance, Nvidia expects Q3 revenue of $3.19 billion, below market estimates for $3.34 billion in revenue. Trip Chowdhry of Global Equities Research said in a note to clients that the "secular growth trends" in data centers remains, and it's "not stopping anytime soon". Despite the crypto-related sales decline, sales from gaming surged 52% to $1.8 billion, and data center-related sales surged 83% to $760 million.
With the quarter's results, Nvidiarevenue is on course to more than double from 2016.
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