Nvidia Corporation recently revealed the amount of money the company generated from chip sales to the cryptocurrency market, and that the chips would be used for mining cryptocurrency.
Nvidia Corporation is a U.S based company known for providing graphics cards for gaming computers and is one of the most popular brands among video-gamers. These graphics cards make the game’s graphics look better and allows the game to run smoothly.
Colette Kress, the CFO of Nvidia Corp said:
“Gamers who had been priced out of the market last quarter were able to get their hands on new chips a reasonable price.”
The company revealed that it had generated a revenue of $289 million in the first quarter of the year. This amount surpassed the expected amount which was predicted to be around $200 million.
The company’s shares fell by 3.8 percent amounting to around $260.13 after the earnings were announced. The CEO Jensen Huang also predicted that the chip sales would drop off by two-thirds during the 2nd quarter of the year.
Jensen Huang CEO of Nvidia says:
“Crypto miners brought a lot of our GPUs in the quarter and it drove the prices up. I think a lot of gamers weren’t able to buy into the new GeForce as a result.”
He further explained:
“There is no way to tell [if some crypto sales were included in gaming] because a lot of gamers when they aren’t playing games, they’re doing a little mining. “
Huang also said:
“The reason why they bought it is for gaming, but while they’re not gaming — while they’re at school, at work, or in bed — they’ll turn it on and do a little mining.There’s nothing wrong with that, I think that’s fine, but the real reason why they bought it is for gaming.”
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