Nvidia forecast lags Wall Street as crypto demand evaporates
18 Agosto, 2018, 10:53 | Author: Misty Newman
Behind the drop could be the company projecting no revenue from crypto customers in the future. Cryptocurrency demand could rise again, but for now it seems that Nvidia will continue to focus on other areas, led by its gaming market.
Nvidia is reporting a "substantial decline" in revenue as a result of declining sales to cryptocurrency miners. When the crypto mining market emerged both Nvidia and its competitor Advanced Micro Devices Inc had placed high expectations on the performance of this section of the market.
"We benefited in the last several quarters from an unusual lift from crypto", CEO Jensen Huang said on a conference call with analysts, "but at this time, we consider it to be immaterial for the second half" of the fiscal year.
The diluted earning per share for this quarter were at $1.17, up by 91 percent compared to the a year ago and down 11 percent compared to the previous quarter.
Analysts had braced for lower gaming chip sales because Nvidia is widely expected to unveil a new generation of gaming chips ahead of the holiday shopping seasons, possibly as soon as next week. This pattern was also observed across the board, with revenue beating analysts' prediction across markets of data centers, visualization, and auto-related revenue. Cryptocurrency is believed to have had a big impact on the company's 40 percent growth in overall revenue in the second quarter, amounting to $3.1 billion.
Out of the 32 analysts polled in the past 12 months, 22 rate Nvidia stock a Buy, 9 rate the stock a Hold and 1 recommends a Sell.
In the third quarter, Nvidia is expecting revenues of $3.25 billion (+/- 2%), or another record quarter, with an expected gross margin of 62.6 percent (+/- 0.5%).
Operating income was $1.156 billion, down by 11 percent compared to the last quarter and up by 68 percent compared to the last year, while net income hit $1.101 billion, also down by 11 percent compared to the previous quarter and up by 89 percent compared to the last year.
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