Nvidia released its third-quarter third quarter reports. According to CEO Juan Rensyun, "the short-term results reflect the surplus in the sales channels after the criptomoeda boom, which will be corrected." Buyers who have been supplanted by miners in the encryption process are not returning as fast as they hoped for the company. Now, when the cost of devices has dropped, contrary to the expectations of the company's management, sales volume has not increased.
"The crash of cryptography lasted longer than we expected."
NVIDIA has stopped supplying its own cheap chips to retailers. In quarterly terms, there was a decrease of 9%. The company's profit came to $ 3.18 billion.
The company also said revenue from the sale of GPU chips to personal computer component manufacturers fell 40%.
Nvidia's earnings for the quarter were at least $ 3.181 billion, up 21 percent from a year earlier ($ 2.666 billion) and up 2 percent from the second quarter ($ 3.12 billion). Despite this, after the report was published, the company's shares fell in price by 16%.
In the summer, NVIDIA provided a prediction that earnings should go from $ 3.19 to $ 3.32 billion, noting that huge sales in the crypto-coins sector are not expected until the end of the year.
In addition, fourth quarter revenue forecast also showed weaker than expert estimates, which reported about $ 3.4 billion, resulting in $ 57 million in losses due to the obsolescence of past generations of GPUs .