Nvidia expects a big drop in chip sales for the crypto

From Nvidia Corp. announced for the first time what revenue the company generated from chip sales in the crypto market and predicted that this amount would be much lower in the second quarter.

Demand for crypto was higher than expected in the first quarter, bringing the company $ 289 million in revenue, Nvidia said.

Sales of crypto miners are likely to fall by nearly two-thirds in the current financial quarter, the company predicted.

Sales in the first quarter were much higher than forecasters predicted. Susquehanna's Christopher Roland expected sales of about $ 200 million.

"Crypto miners bought a lot of our GPUs in the first quarter, and that's rising prices," Nvidia Chief Executive Jensen Huang said. "I think that for this reason many of the computer games players could not get the new GeForce."

Nvidia shares fell 3.8% in aftermarket trading after the announcement of the company's results. Previously, the company's shares closed at a record $ 260.13 on the New York Stock Exchange.

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