Connect with us

News

Nvidia still can not recover from the "hangover" after the mining boom

Published

on

Leading video card and chip maker Nvidia reported a slight drop in gross margin in the third quarter. Buyers who were supplanted by miners during a crypto table, do not return as quickly as they expected in the company. Reported by Reuters .

According to a recent financial report , in the third quarter, the total value of excess products in the company's warehouses increased more than five times and exceeded $ 70 million, and over the last nine months reached $ 124 million.

“The hangover after the cryptobum lasted longer than expected. We thought that we correctly estimated the dynamics of cryptocurrency , ”said Nvidia CEO Huang Renxun.

It should be noted that the company's gross profit fell by 1.8% compared with the previous quarter to 60.4%, although it exceeded the figures for the same period last year at the level of 59.5%. Profit excluding taxes and operating expenses amounted to $ 3.18 billion, which is 2% higher than the results of the second quarter . Nevertheless, most analysts are convinced that in the fourth quarter this figure will fall below $ 3 billion.

It is worth adding that since the beginning of October, the company's shares have shown a downward trend.

TradingView data

Recall that in August, the financial director of Nvidia, Colette Kress, announced that the company would no longer focus on the cryptocurrency market.

Subscribe to BlockchainJournal news in Telegram: BlockchainJournal Live – the entire news feed, BlockchainJournal – the most important news and polls.

<< aside id = "unisender_subscribe_form-10" class = "widget unisender_form">

BlockchainJournal.news

  • bitcoinBitcoin (BTC) $ 18,746.33
  • ethereumEthereum (ETH) $ 1,281.68
  • cardanoCardano (ADA) $ 0.430523
  • polkadotPolkadot (DOT) $ 6.28
  • chainlinkChainlink (LINK) $ 8.02
  • litecoinLitecoin (LTC) $ 51.81
  • stellarStellar (XLM) $ 0.108470
  • bitcoin-cashBitcoin Cash (BCH) $ 111.30