- Nvidia announced its financial results for the first quarter.
- However, there is no sign of crypto miners’ impact despite the surging crypto market.
Nvidia announced its financial results for the first quarter, which ended on May 2, 2021. In the results, there is no sign of crypto miners’ impact despite the surging crypto market rally.
The firm said that the first-quarter earnings result from the high demand from the gaming industry.
Nvidia is an American multinational tech company based in Santa Clara, California. It creates graphics processing units for the gaming and professional markets—also, system-on-chip units for the mobile computing and automotive market.
Further, the firm announced its record earnings for Q1 2021. However, there is no sign of the crypto bull market in driving its performance. The firm primarily attributes the gains for its products to gamers.
Also, the firm reported revenue of $5.66 billion, up 84% from a year earlier. Besides, Nvidia said the gaming revenue record is $2.76B, up 106% from a year earlier. Moreover, the record data center revenue comes second with $2.05B, up 79% from a year earlier.
In addition, Nvidia said its graphics part represented $3.45B in revenue with an 81% rise. However, it thinks demand from crypto miners is just $155M worth of its sales.
While the firm noted that crypto miners had a positive impact on demand for GPUs, it concluded “it is hard to determine to what extent” revenues could be given to the sector.
To continue, Nvidia CEO, Jensen Huang, predicted the firm’s forthcoming CMP chips. He said there would be specialized units dedicated to mining crypto. This will help ease the problem as the miner demand for its regular GPUs falls.