Nvidia in its recent earnings call revealed it generated $289 million in revenue related to the sale of GPUs for the purpose of cryptocurrency mining.
While interest from cryptocurrency miners is good news for Nvidia’s bottom line, it wasn’t exactly welcomed by gamers. CEO Jensen Huang noted on the conference call that crypto miners bought a lot of their GPUs during the quarter and it drove prices up. As a result, many gamers weren’t able to get their hands on new GeForce cards.
Nvidia announced earlier this week that its supply shortage had eased and GeForce GTX 10-Series GPUs were back in stock at MSRP. A quick check of Nvidia’s online store today shows that’s only partially true, however, as the only cards currently in stock are the GTX 1070 at $399 and the Titan Xp at $1,200. The GTX 1080 Ti, GTX 1080, GTX 1070 Ti and the GTX 1060 – all Founders Edition cards – are out of stock.
Nvidia for the quarter reported record revenues of $3.21 billion, a 66 percent increase over the $1.94 billion it generated in the year-ago quarter and a 10 percent quarter-over-quarter gain. That resulted in GAAP earnings per diluted share of $1.98, up 151 percent year-over-year. Net income checked in at $1.24 billion.
Huang described it as a strong quarter with growth across every platform but seemed most excited about AI.
“At the heart of our opportunity is the incredible growth of computing demand of AI, just as traditional computing has slowed. The GPU computing approach we have pioneered is ideal for filling this vacuum. And our invention of the Tensor Core GPU has further enhanced our strong position to power the AI era,” he said.
GPU sales to crypto miners are expected to fall by about two-thirds in the current quarter, Nvidia said.