Nvidia Pulls Through Crypto Winter — Quarterly Earnings Rise 16%
Marie Huillet's original article for cointelegraph.com reduced by 50%
Major global chipmaker Nvidia, popular with cryptocurrency miners, has outstripped analysts' expectations with its latest set of quarterly financials. While the latest results reveal a solid 16% increase over the previous quarter, year-on-year revenue remains down by 17%. Nvidia had earned $3.12 billion during the same period for the fiscal year 2019 amid massive demand for GPUs from cryptocurrency miners.
Buoyed by the latest quarterly results, Nvidia's stock rose by 6.2%.Weathering the crypto seasons. This January, Nvidia had decreased its financial estimates for Q4 for the fiscal year of 2019, citing a decline in mining during the crypto bear market among its reasons. In December 2018, a class action lawsuit was launched against Nvidia over the losses reported by the company when lower crypto prices diminished demand for GPUs by miners.
The extent of Nvidia's crypto-driven success during the market's historic bull run has been the subject of some controversy: earlier this year, a financial analyst claimed that between April 2017 to July 2018 the firm had in fact raked in $1.35 billion more in revenue from mining-related sales than officially stated. During crypto winter this March, Nvidia said it would manage to sell off the surplus inventory it had accumulated in anticipation of continued mining-driven demand - stock that CEO Jensen Huang had characterized as a "Crypto hangover..
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