Nvidia Stock Falls Amidst Fears Of A Cryptocurrency Mining Bust

Jasper Gonzales Valdez
		
            		      3:11 PM

In related news, a report has made its way on the internet suggesting that Nvidia is bringing a GTX 1050 with 3 GB VRAM to the market.

There is still no word on when we may see a successor to Pascal in the gaming GPU market, but hopefully we'll get more news on that front in the coming months. On Thursday, Nvidia notched an all-time high of 260.50. "I think that a lot of gamers weren't able to buy into the new GeForce as a result".

According to the results provided by Nvidia, the Q1 FY 2019 comes with USA $3.207 billion revenue, which means that the company earned 10 percent more compared to the last quarter and 66 percent more compared to the same quarter previous year.

Nvidia posted yet another string of records during its Q1 2018 earnings call, but the company's stock tumbled 7.85% after it revealed that $287 million of its revenue was generated from direct sales to cryptocurrency miners. While retail prices surged earlier this year, the cryptocurrency ecosystem's recent correction saw various miners lose interest and sell their rigs. According to Kress, "while supply was tight earlier in the quarter, the situation is now easing".

Analyst Kevin Cassidy from Stifel said the reliance on cryptocurrency concerned some investors. As for the datacenter, Huang's favourite thing to bang on about is AI and how Nvidia's GPUs are needed to handle the heavy workloads in training neural networks.

Gaming is Nvidia's largest revenue driver by far, generating 53.7% of the company's revenue in Q1, and that crucial segment jumped 68% year-over-year. Nvidia also had an operating income of U.S. $1.295 billion, with net income of U.S. $1.244 billion, both up by staggering 134 percent and 145 percent, compared to the same quarter a year ago.

Revenue from Nvidia's automotive business, which includes its Drive platform used in self-driving cars, rose 4 percent to $145 million, also topping analysts' estimate of $132 million. But CEO Huang remained optimistic.

In fact, Bitmain reported more revenue a year ago than Nvidia, whose product line also includes components for cloud computing and AI. The company expects to generate $3.10 billion in Q2, with Nvidia pinning some of its growth opportunities on AI.

Excluding items, Nvidia earned $2.05 per share.

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