Nvidia: Crypto Mining Sales Beat Q4 Expectations

Demand from cryptocurrency miners for GPU maker Nvidia's products was bigger than anticipated in the fourth quarter of last year.

AccessTimeIconFeb 9, 2018 at 12:00 a.m. UTC
Updated Sep 13, 2021 at 7:33 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Nvidia's GPU products continued to see strong demand from cryptocurrency miners in Q4, the company's CFO said on an earnings call Thursday.

Issuing the remarks as the company unveiled its fourth-quarter earnings for 2017, Colette Kress said the company banked $2.91 billion in revenue during that period, an increase of more than 34% compared to the same time a year prior.

That said, Kress stressed that the demand the company has seen in months past could shift, depending on the fortunes of the cryptocurrency market.

Kress commented:

"While the contribution of cryptocurrency mining to our business is hard to quantify, it is likely to have been higher than in previous years. However, we remain committed to our gaming demands as cryptocurrency trends are likely to remain volatile."

Nvidia's leadership, including CEO Jen-Hsun Huang, have struck bullish notes on the boon of cryptocurrency mining for its bottom line. Elsewhere, the company has indicated that it anticipates mining to ultimately form a small part of its overall earnings picture.

The company did not plan for or expect increased profits from cryptocurrencies, an analyst later said on the call. In response to a question about how Nvidia modeled cryptocurrencies, he responded that they “modeled crypto approximately flat.”

"There's a lot of dynamics going on in gaming," the analyst continued. "One dynamic is there's a fairly sizable pent-up demand going into this quarter, but I think the larger dynamics that are happening relate to just the amazing games that are out right now."

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.