Nvidia expects to be able to sell the "stale" video card for mining

The top management of the manufacturer of video cards and chips Nvidia expressed hope that in the foreseeable future the company will be able to sell stocks of equipment accumulated in its warehouses, much of which in the conditions of prolonged cryptosis turned out to be miners of Bitcoin and other altcoins unclaimed. This writes Bloomberg .

Previously, the head of Nvidia, Jensen Juan, said that the past few months have turned out to be extremely "turbulent and disappointing" for the company. In this regard, the Taiwanese company lowered its revenue forecast in the fourth quarter of 2019 fiscal year from $ 2.7 billion to $ 2.2 billion.

Nevertheless, on Tuesday, March 19, Nvidia CFO Colette Kress stated that soon the company expects to sell graphic processors and chips accumulated in its warehouses. Her optimism during the corporate event in San Jose, California, was also shared by the head of the company – speaking to investors and analysts, Jensen Juan tried to convince them that there would certainly be buyers for unsold equipment.

With regard to forecasts for the 2020 fiscal year, then, according to Colette Kress, Nvidia does not expect any significant growth or any sensitive decline in revenues. As the newspaper notes, earlier market analysts predicted the company revenue decline by 4%.

In November last year, it was reported that in the third quarter of 2018, the total value of excess products in the company's warehouses increased more than five times and exceeded $ 70 million. In nine months, this figure reached $ 124 million.

In December, law firm Schall announced the filing of a class action lawsuit against Nvidia. Representatives of the company then said that the company had misled its shareholders by saying that falling demand from cryptocurrency miners would not affect financial performance, and that demand from gamers would cover all possible costs associated with the mining sector.

Recall, on the eve of the total computing power in the Bitcoin network came to the performance of the beginning of November last year. This is the maximum level in these past four months, indicating that optimism in the market, in particular among miners, is not only maintained, but also increasing.

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