For the first time, the US-based technology company Nvidia has disclosed that it gained $289 million from the sale of company’s products, namely chips, to representatives of the cryptocurrency market in its first quarter. It also predicts much smaller revenue in the next quarter.
“Crypto miners bought a lot of our GPUs in the quarter and it drove prices up. I think that a lot of gamers weren’t able to buy into the new GeForce as a result,” Nvidia’s CEO Jensen Huang said on a conference call.
Technology giant of the world’s financial market Nvidia has revealed that its earnings in the Q1 were $289 mln, according to the corporate report. Such a large number is associated with the high demand of company’s chips raised by digital currency miners.
The sales were initially predicted to be much smaller. Susquehanna’s Christopher Rolland projected before the official announcement of Nvidia’s revenue, that the quarter would end up with the sales on the mark of $200 million.
However, Nvidia expects the cryptocurrency sales to fall by more than twice in the second quarter. The company has already reported about 3.8 percent shares decrease in trade after the profits were disclosed.
Nvidia’s main rival on the market, Advanced Micro Devices has also experienced increased interest from miners working with bitcoin and other crypto coins. The company reported in April that it had earned $1.65 billion in the first quarter, with net income profit of $81 million.