Nvidia Expects Normal Gpu Prices As Mining Market Slows Down

The result represented a growth of almost 150 percent on a Year-on-Year basis, but the company says it expects sales of cryptocurrency-specific products to slow down during the current quarter. According to Nvidia’s Chief Financial Officer, Colette Kress, cryptocurrency-related revenues are expected to fall 65 percent to about $100 million during Q2 with supply side pressures easing considerably over the past few weeks. In what can only be good news for gamers worldwide, the company’s Chief Executive, Jensen Huang, told investors that the days of ultra-high GPU prices because of the crypto-craze is now over. “The pent-up demand is quite significant and I’m expecting the gamers to be able to buy new GeForces pretty soon”, he said. Overall, Nvidia’s net income rose to $1.24 billion in the first quarter ended April 29. The company had earned $507 million during the same period last year. Total revenues for the company rose to $3.21 billion from $1.94 billion. According to a Thomson Reuters I/B/E/S poll, Wall Street analysts, on average, had expected Nvidia to earn revenues of $2.91 billion. Nvidia shares declined 3.8 percent in after-hours trading Thursday after hitting a record 263.96 earlier in the day.