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Nvidia's stock price dropped by more than 5% after-hours trading. "Whereas we had previously anticipated cryptocurrency to be meaningful for the year, we are now projecting no contributions going forward.”pic.twitter.com/PVTEFESLJI
Revenues from miners were $289 million in Q1, which was about 10% of Nvidia’s revenue. The forecast for Q2 was $100 million and the actual revenues ended up being $18 million.
“We benefited in the last several quarters from an unusual lift from crypto but at this time, we consider it to be immaterial for the second half” - Jensen Huang, CEO
Jensen Huang, CEO of Nvidia, said in August of 2017: “Cryptocurrency and blockchain are here to stay. Over time, it will become quite large. It is very clear that new currencies will come to market. It’s clear the GPU is fantastic at cryptography."
"The GPU is really quite well positioned. This is a market that is not likely to go away soon. Our strategy is to stay close to the market and offer miners a coin-mining SKU, optimized for mining.”
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