Nvidia Expects Lower Revenue Due to Demand from Crypto Miners, Stock Price Falls 5%
Cryptovest
Published Aug 18, 2018 03:01PM ET
Updated Aug 18, 2018 04:20PM ET
Nvidia Expects Lower Revenue Due to Demand from Crypto Miners, Stock Price Falls 5%
Nvidia’s stock price fell on Friday after the US chip maker reported on Thursday revenue forecasts below Wall Street experts’ expectations. The company pointed that the bearish trend in the cryptocurrency market lowered demand for its chips used by crypto miners, which negatively influences the sales. Revenue from crypto products declined to $18 million for the second quarter, way below the figure recorded in the previous quarter at $289 million. According to Morgan Stanley (NYSE:MS), the indicator “will be basically zero from here.”
Nvidia chief financial officer Colette Kress This article appeared first on Cryptovest
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