Source: clouds block chain, Author: irishash
Nvidia released its financial report for the third fiscal quarter of 2020 this week, and its performance was better than expected, thanks to its GPU graphics card sales. The company reported that the GPU chip division’s revenue for the quarter was US$2.79 billion, higher than analysts’ US$2.1 billion.
Nvidia said its new graphics card series based on a new technology called Ampere has aroused strong interest from computer and video game console developers. For example, one of the new models, Geforce RTX 3080, went on sale in September and sold out immediately.
Nvidia said that gaming revenue increased 37% year-on-year to US$2.27 billion, a company record.
The graphics processing units produced by Nvidia are mainly used in video game consoles and graphics cards, but they have also been popular among cryptocurrency miners, especially Ethereum (ETH) miners and Monero (XMR) miners.
According to a report by RBC Capital Markets analyst Mitch Steves (Mitch Steves), in this quarter’s performance review, Nvidia sold at least $175 million worth of new-generation GPU graphics cards to Ethereum miners, thereby indirectly helping They get computing power. The analyst had predicted that the sales of graphics cards purchased by Ethereum miners this quarter would reach $150 million.
Steves pointed out that the upcoming network upgrade of the Ethereum blockchain (also known as Ethereum 2.0) in early December requires miners to switch to more efficient mining hardware. Nvidia’s new Ampere GPU chip is believed to meet this demand.
However, GPU graphics cards cannot mine Bitcoin (BTC), which can only be mined with more efficient application-specific integrated circuit (ASIC) mining machines.
Overall, Nvidia reported revenue of $4.73 billion for the quarter, an increase of 57% year-on-year. Analysts expect its revenue to be $4.41 billion. The company revealed that it will continue to face supply bottlenecks in chips and graphics cards in the fourth fiscal quarter ending in January.
The company also said that it expects to complete the acquisition of ARM, a British chip designer under Japan’s SoftBank, in the first quarter of 2022.
In the Nasdaq stock trading on Friday, Nvidia’s stock price fell 0.92% to $532.65. In the past 52 weeks, the stock’s highest price was US$589.07 and the lowest price was US$180.68, an increase of more than three times.
