Nvidia Report Record Annual Revenues, Partly Due to Crypto Mining
High-end computer hardware and software company Nvidia have released record breaking annual revenue figures, finishing the fiscal year 41% up on the previous year. In part, this rampant growth has been due to the growing demand for GPU devices using in cryptocurrency mining.
Exec vice president Colette Kress said “Strong demand in the cryptocurrency market exceeded our expectations”, but they also estimate growth in this market for the final quarter remained flat. However, Kress also said that the gains were ”hard to quantify”, which paints a mixed picture.
Regardless, Nvidia reinforced that their main focus would remain on graphics cards as ”cryptocurrency will likely remain volatile”. This seems like a wise move from the tech giant, as the trend for miners shifting operations to custom ASIC chips continues, as well as a technology shift away from PoW mining to PoS, DPoS and DAG systems.
Despite the good news, Nvidia shares have not managed to withstand the downward trend in the stock market, currently down 4.93%.