Nvidia announced its decision to stop focusing on the bitcoin and cryptocurrencies, calling as the main reason low yield, which it brings this direction.
CFO Nvidia Colette Kress, in particular, noted that in the remainder until the end of 2018 the company does not expect sales growth in this segment.
“We believe that we have reached the normal period and we are not going to rely on cryptocurrencies in the future. We expected that the profits from the products related to cryptocurrencies would drop to about $100 million, but in reality, it fell to $18 million. In the future, revenues from this direction will be insignificant, “she said.
Nvidia CEO Huang Jenshun also noted that the profitability of the company’s chip-oriented chips, which the company produces, is declining due to the market decline. At the same time, Nvidia’s main business is showing solid results.
Thus, in the second quarter, Nvidia’s sales in the gaming sector grew by 52% to $1.8 billion, while revenue from data centers grew by 83% to $760 million.