Nvidia in his recent revenue call revealed that he was generating $ 289 million in revenue related to the sale of GPUs for the purpose of cryptocurrency mining.
While the miners' interest in cryptocurrency is good news for Nvidia's bottom line, it's not been really welcomed by the players. CEO Jensen Huang noted during the conference call that crypto-miners bought a lot of their GPUs during the quarter and that it drove up prices. As a result, many players could not get their hands on new GeForce cards.
Nvidia announced earlier this week that its supply shortage had decreased and that GeForce GTX Series 10 GPUs were back in stock at MSRP. A quick check of Nvidia's online store shows that this is only partially true because the only cards currently in stock are the GTX 1070 at $ 399 and the Titan Xp at $ 1,200. The GTX 1080 Ti, the GTX 1080, the GTX 1070 Ti and the GTX 1060 - all Founders Edition cards - are out of stock.
Nvidia for the quarter recorded record revenues of $ 3.21 billion, an increase of 66% from the $ 1.94 billion that it generated a year ago and a gain 10% in one quarter. This translates into GAAP earnings per diluted share of $ 1.98, up 151% from one year to the next. Net income is $ 1.24 billion.
Huang described it as a strong quarter with growth across every platform, but seemed more excited about AI.
"At the heart of our opportunity lies the incredible growth of computer demand for AI, just as traditional computing has slowed down." The GPU computing approach that we have been developing is ideal for filling this void, and our invention of the Tensor Core GPU further strengthened our strong position to fuel the AI era, "he said.
GPU sales to crypto miners are expected to drop by about two-thirds in the current quarter, Nvidia said.
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