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Nvidia Sees Lower Crypto Revenue
Nvidia Sees Lower Crypto Revenue

Nvidia Sees Lower Crypto Revenue

Nvidia Sees Lower Crypto Revenue

Too many cryptocurrency clients and fewer cloud computing orders than expected underwhelmed Nvidia Corp investors on Thursday, although the graphics chip maker said a supply shortage that hit its core video game audience had eased. The US company best known for chips that enhance video game graphics has diversified into an array of businesses including artificial intelligence, self-driving cars and digital mining, but investors are most concerned with its inroads in the market for cloud computing, Reuters reported. Revenue from Nvidia’s data center business, which powers cloud-based services such as Amazon.com’s Amazon Web Services, Microsoft Corp’s Azure as well as Alphabet Inc’s Google Cloud, rose 71% to $701 million, but missed analysts’ estimate of $703 million, according to Thomson Reuters I/B/E/S. The Santa Clara, California company for the first time disclosed that it made $289 million in sales—about 9% of its overall $3.2 billion in revenue—from chips for mining cryptocurrencies. Chief Financial Officer Colette Kress said the company expects cryptocurrency-related revenue to fall 65% to about $100 million in the next quarter.

 

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