U.S.-based graphics card maker Nvidia has said the downturn in sales to cryptocurrency miners drove a "Disappointing" fourth quarter.
In its latest financial report, published Thursday, the firm said for Q4, ending Jan. 27, it made revenue of $2.21 billion, down 24 percent from $2.91 billion in the same quarter last year, and down 31 percent from $3.18 billion in the previous quarter.
The firm said it is still feeling the effects of a drop-off in the crypto mining market, with an excess of inventory it had struggled to sell.
"This was a turbulent close to what had been a great year. The combination of post-crypto excess channel inventory and recent deteriorating end-market conditions drove a disappointing quarter."
In an earnings call on Feb. 10, Colette Kress, the firm's executive vice president and CFO, added that the issue had caused the firm to reduce shipments in order to allow excess inventory to be sold.
She added that inventory is expected to normalize in Q1 in line with its forecast.
The report also provides revenue numbers for the last full year.
Inventory issues aside, Nvidia said it made record revenue for the year of $11.72 billion, up 21 percent from the year prior.
It also saw record yearly revenue from its gaming, datacenter, professional visualization and automotive segments.
"Despite this setback, NVIDIA's fundamental position and the markets we serve are strong," Huang said.
Nvidia Says Crypto Drop-Off Help Drive 'Disappointing' Fourth Quarter
pubblicato su Feb 15, 2019
by Coindesk | pubblicato su Coinage
Coinage
Notizie recenti
Vedi tutti
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.