Nvidia Share Prices Plummet, Chipmaker Reveals Declining Sales from Crypto Mining Business


Revenue for the third quarter came to $3.18 billion, up 21 percent from $2.64 billion a year earlier.

Five of the 11 major S&P sectors were higher, with energy shares (.SPNY) rising 0.9 percent, finding support from a recovery in oil prices on hopes that OPEC and its allies would agree to cut output next month.

Nvidia has a glut of unsold graphics cards thanks in part to cryptocurrency miners no longer buying GPUs.

Echoing Huang's assertion on the quarterly results, analyst Patrick Moorhead said that Nvidia's lower-than-expected revenues represented "a short-term blip that will be quickly corrected".

"The crypto hangover lasted longer than we expected and we were surprised by that, but it will pass", Nvidia CEO Jensen Huang told MarketWatch. "We thought we had done a better job managing the cryptocurrency dynamics", he later added.

Nvidia's provision for inventories reportedly increased to $70 million in Q3 2018, and the company stated that the same provision had increased over three times during the first nine months of its financial year (FY) to $124 million.

Notably, Nvidia had to stop shipping several models of its mid-priced computing chips to vendors, as the tech firm's products have been stacking up in retailer's warehouses.

Murió Mario Suárez a los 92 años
Apoyó a la carrera de cantante de Lila Morillo con quien grabaría unos cuantos discos LP antes de que se lanzará como solista. Después de eso, Suárez se dedicó a estudiar canto con Vicente Emilio Sojo, entre otros, y también a apoyar a nuevos talentos.

Chan said demand was faltering for Nvidia's chips in data centres.

The ongoing US-China trade conflict may have adversely affected Nvidia's business, according to analysts.

Nvidia's inventory build-up is suggesting that the escalating tariffs have started to pinch producers.
"The company's disappointing revenue forecast for the fourth-quarter and plunging retail prices of graphic cards show that the market is adjusting to new realities". Its rival AMD blamed dwindling demand for chips from cryptocurrency miners for its lower-than-expected fourth-quarter revenue forecast.

Nvidia's net income rose to $1.23 billion, or $1.97 per share, in the third-quarter ended October 28, from $838 million, or $1.33 per share, a year earlier.

Revenue from Nvidia's closely watched data centre chips business rose 58 per cent to $792 million, but missed analysts' estimate of $820.4 million.

Wall Street was looking for earnings of $1.71 per share on revenue of $3.24 billion.

Excluding items, Nvidia earned $1.84 per share, Total revenue rose 20.7 percent to $3.18 billion.