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Nvidia is expecting a massive drop in GPU sales to cryptocurrency miners

Nvidia is expecting a massive drop in GPU sales to cryptocurrency miners

Nvidia is expecting a massive drop in GPU sales to cryptocurrency miners

But that number is going to look significantly different at the next quarterly earnings call, with Nvidia anticipating a revenue drop of two-thirds. Net income checked in at $1.24 billion.

Per Nvidia's CEO Jensen Huang, the company managed to beat expectations thanks to demand created by cryptocurrency miners.

While it is obvious that cryptomining is still behind most of the sales, Nvidia was keen to note that popular games like PUBG and Fortnite have been driving the sales up. Earnings per share ended up at USA $1.98, which is also up by 151 percent compared to a year ago. To put demand from the crypto sector into some perspective, Nvidia's Professional Visualisation activities nearly matched it by raking in $251 in that time, while the firm's datacenter department saw over $700m in revenue.

While gaming GPUs are selling faster for Nvidia, its fastest-growing market is the datacenter space.

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The automotive department is still hanging on, and although it is the lowest earner compared to other departments, it still brought USA $145 million, up by 10 percent compared to the last quarter and 4 percent compared to the same quarter past year. That's where the company's TensorRT 4 and DGX-2, hardware and software work together to unlock the power of deep-learning algorithms. What's really impressive, though, is that NVIDIA is saw growth in each of its market platforms, including Gaming, Professional Visualization, Datacenter, Automotive, and OEM and IP. With the DGX-2 selling at over $400,000, the manufacturer doesn't have to sell almost as many to keep pace. That means Nvidia only needs to sell a handful to a few A.I. companies to make a huge dent in its earnings.

Cryptocurrency remained a key sector for Nvidia. People use its GPUs to process the blockchain algorithm for digital currencies like Ethereum. That's good news for gamers who are in need of a GPU upgrade. The crypto craze has slowed down, which has helped supply and demand stabilize for the first time in a year.

"Cryptocurrency demand was again stronger than expected", says CFO, Collette Kress, "but we were able to fulfill most of it with crypto-specific GPUs, which are included in our OEM business at $289 million".

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