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Analysts: Despite Crypto Mining Decline, Nvidia Will See Increased Revenue This Quarter

Analysts suggest that Nvidia will see significant growth in its gaming and servers sales, which will overcome deficiencies from a decline in crypto mining.

Analysts polled by FactSet suggest that Nvidia will see increased revenue this quarter despite “waning” cryptocurrency mining, Marketwatch reported August 10. The purported increase is due to strong demand for gaming devices and data-centers.

While analysts suggest that the company’s revenue from crypto mining hardware will decline, the U.S.-based graphic processing units (GPU) manufacturer will see significant growth in its gaming and servers sales. Revenue from Nvidia’s gaming sector is expected to grow by 47 percent to $1.75 billion on a year-on-year basis while data-center revenue is expected to surge 78 percent to $740 million.

C.J. Muse, an analyst at Evercore, concurs with other analysts, saying that “data Center/AI remains an area of strength, particularly when considering additional benefit of a new gaming cycle favoring Nvidia.” Muse added:

“We believe concerns around a likely falloff from cryptocurrency-driven Ethereum GPU mining strength are largely exaggerated, and Nvidia will likely power through any tough compares from cryptocurrency-driven tailwinds.”

In May, Nvidia reported that it generated $289 million from processor sales to the crypto market. Nvidia’s first-quarter crypto sales amounted to over 9 percent of overall revenue for the company, which stood at $3.2 billion.

Chips for crypto mining made up 76 percent of (Original Equipment Manufacturer) OEM revenue, which was up 115 percent from the previous quarter. Nvidia, however, suggested that sales to the crypto market will likely decrease by two-thirds in the second quarter.

In July, the company’s estimates were proven as the price of specialized GPUs declined along with sinking prices in digital currency markets. Nvidia’s main competitor Advanced Micro Devices (AMD) unveiled in April that 10 percent of the company’s revenue during the quarter was attributed to blockchain or mining, though the company’s CEO Lisa Su said that blockchain was “a bit of a distraction in the short term.”

The mining hardware price fall has not dissuaded manufacturers from producing new crypto mining hardware. In May, ASUS announced the release of its “second generation” cryptocurrency mining motherboard, which was scheduled to launch in North America at the beginning of the third quarter of 2018.

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