2021-4-14 17:10

Nvidia Corp.’s first-quarter revenue will beat its forecast for $5.3 billion, said the chipmaker at its annual investor day. These higher than forecasted numbers are driven by strong demand for its chips that power data centers and cryptocurrency mining.

Nvidia stocks (NVDA) surged past $600, up from about $460 in early March in response to raised revenue outlook and a slew of product announcements. Earlier on Monday, the company said that it is planning to make a server processor chip based on Arm Ltd's technology, which will put it in direct competition with rival Intel Corp.

Demand for the company's gaming graphic chips has been soaring since the COVID-19 pandemic, but a bigger boost in its sales resulted from Nvidia aggressively pushing into artificial intelligence chips. Chief Financial Officer Colette Kress said in a statement,

“While our fiscal 2022 first quarter is not yet complete, Q1 total revenue is tracking above the $5.30 billion outlook.”

Meanwhile, the unit that supports crypto mining is expected to report sales of $150 million in the quarter, up from the $50 million forecast, the company said. Reportedly, Nvidia raked in between $100-300 million from Ethereum miners in quarter fourth.

“We are experiencing broad-based strength, with all our market platforms driving upside to our initial outlook.”

These upbeat numbers came amidst the chip industry experiencing a global shortage of components, disrupting the manufacturing of products including smartphones and vehicles, which the CFO said is expected to continue “for much of this year.”

On the other hand, crypto mining machine maker Canaan Inc is reporting supply chain disruptions caused by pandemic to impact its Q4 2020 revenue. The revenues fell to RMB 38.2 million ($5.9 million) from RMB 463.2 million ($70.72 million) a year ago and RMB 163 million ($24.9 million) in the preceding quarter.

The Hangzhou, China-based company said although the market demand for high-quality machines both in and outside of China “increased significantly,” in Q4 2020 along with the rising Bitcoin price, “they did not have sufficient inventory to deliver to its customers.”

Canaan (CAN) stocks dropped to $13.14, down about 65% from March high, despite the price of Bitcoin surged about 9% during the same period, hitting a new ATH at $63,200 today.

NVIDIA tokenized stock FTX/USD NVDAUSD 625.5500 $15.76 2.52% Volume 2.66 K Change $15.76 Open$625.5500 Circulating 0 Market Cap 0 baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=NVDA&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~NVDA~USD"); The post Nvidia Reports Upbeat Q1 Revenue, Crypto Mining Unit Sales Beating Forecast by 3x first appeared on BitcoinExchangeGuide.

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