Nvidia triples revenue forecast for crypto mining GPU sales
The California chipmaker says Q1 financials for fiscal 2022 are on track to surpass initial estimates with demand for crypto mining graphics cards on the rise. Nvidia says the positive performance of its various market segments has seen the company revise its initial forecasts for Q1 of fiscal 2022.The company made this known during its annual investor day on Monday revealing total revenue for Q1 is already tracking above the $5.30 billion forecast included in its previous end-of-year earnings call.This positive market performance has also extended to Nvidia’s graphics processing unit, or....
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Nvidia's crypto mining product line sales are expected to decline to “very negligible” in the fourth quarter. Although digital currencies have skyrocketed in value throughout the year, Nvidia has not made any significant profits from its cryptocurrency mining processor (CMP) line.According to Nvidia's third fiscal quarter report, the company's CMP sales dropped by 60% sequentially in the most recent quarter, with sales of the product line expected to drop even further in the fourth quarter.In its quarterly financial statement, Nvidia said CMP sales fell from $266 million in the second....
Graphics card giant Nvidia reported "nominal" sales of its crypto mining chips and expects overall revenues to be down in Q2, which drove down its share price. American graphics card manufacturer Nvidia’s stock price tumbled in after hours trading on Thursday because the revenue outlook for Q2 has fallen short of expectations.Quarterly growth from Q4 2021 to Q1 2022 was strong with an 8% increase in revenue to $8.98 billion and 3% increase in earnings per share to $1.36. It also stated it would continue a $15 billion share buyback program through the end of 2023 according to the filing to....
Graphics cards manufacturer Nvidia has earned $155 million in revenue from chips designed for cryptocurrency mining during the first fiscal quarter. The company admitted that crypto miners have also pushed sales up in the gaming products segment which remains its main market. Leading GPU Maker Reports Record High Video Card Sales Supported by Crypto Miners Announcing its first quarterly results for the fiscal year 2022, Nvidia revealed its total revenue rose 84% in Q1 that ended on May 2. The record high $5.66 billion figure, which exceeded preliminary expectations, comes from the....
The U.S. Securities and Exchange Commission (SEC) has charged Nvidia Corp. for failing to disclose that crypto mining significantly boosted its revenue. The company agreed to a cease-and-desist order and to pay a $5.5 million penalty. Nvidia Failed to Disclose That Crypto Mining Was a Significant Element of Its Material Revenue Growth The U.S. Securities and Exchange Commission (SEC) announced settled charges against technology company Nvidia Corporation Friday “for inadequate disclosures concerning the impact of cryptomining on the company’s gaming business.” The....
The company expects a minimal contribution from its cryptocurrency mining processor sales going forward. Nvidia beat the expectations by generating over $6.5 billion in revenue, but the chip manufacturer missed the target for its crypto-mining GPU line.The California-based tech giant announced its financial results for its second fiscal quarter ended Aug. 1, 2021. Key highlights include $6.51 billion in revenue, 15% up from the first quarter, and $1.04 billion earnings, both largely bolstered by gaming, data center and professional visualization equipment sales.With the addition of GeForce....