Nvidia Company Profit from Selling Crypto Hardware Exceeded Expectations

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According to the official statement, Nvidia Company made a profit of $ 289 million from the sale of graphics processors for the production of cryptocurrency, Bloomberg reported on May 10.

As it became known, this is the first public report of the company on profits from the sale of equipment for mining. Analyst Christopher Rolland said that the company’s profit in the first quarter significantly exceeded the expected figures (up to 200 million dollars).

Director of Nvidia Jensen Huang commented on such evidence, noting that the company has achieved such success because of the growing demand for equipment for the production of cryptocurrency. Also, he noted that the bulk of buyers are connected with the cryptocurrency sphere since gamers cannot afford such equipment because of the high cost.

According to the data, the company’s revenue from equipment sales amounted to 9% of total revenue for the quarter ($ 3.2 billion). Also, analysts of the company are confident that sales are likely to decline in the next quarter, which is due to a drop in prices in the cryptocurrency market.

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