Nvidia finally bounce back after the crypto craze
Crypto News

Nvidia finally bounce back after the crypto craze

Nvidia are  back with a bang after the crypto miner craze rocked the company
Nvidia posted 17 per cent growth in revenue from USD 2.22 billion to USD 2.58 billion over the last quarter.
At its peak, the GPU giant posted revenue of USD 3.12 billion a figure largely influenced by increased demand from cryptocurrency miners.
While sales of desktop GPUs are down, the company cited increased demand for gaming laptop chips as one of the main drivers for its quarter on quarter growth.
  • Earnings: USD 1.24 per share, vs. USD 1.15 per share as expected by analysts
  • Revenue:  USD 2.58 billion, vs. USD 2.54 billion as expected by analysts
  • Shares trade 7% higher in the aftermarket
As Nvidia announced its earnings for the second quarter of the 2019 financial year, and it appears that the graphics giant is still feeling the effects of the death of cryptocurrency miners, with revenue falling by 17% on a annualized basis since the Bitcoin boom times.

A few years ago, the crypto craze was in full swing, with people able to earn a decent amount of money using their graphics cards to ‘mine’ for cryptocurrencies like Bitcoin and Ethereum.

In the weekly price chart below you can clearly see the affect that the crypto boom had on the share price. Now the companies shares are stuck in a consolidation zone between 120-200.

NVDA share price

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