Nvidia: Cryptocurrency mining boosted Q4 revenues

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Nvidia chief financial officer Colette Kress acknowledged that cryptocurrency mining contributed to the solid sales of graphics processing units (GPUs) during the company’s fourth fiscal quarter ended January 31.

“It is difficult to quantify, but cryptocurrency accounted for a higher percentage of revenue than the previous quarter,” Kress said in a call with analysts.

But she added the company is cautious about the impact for the future, as “cryptocurrency trends will likely remain volatile.”

Nvidia reported better-than-expected earnings for its fiscal fourth quarter ended January 31. The company said it earning non-GAAP revenues of $1.72 a share on revenues of $2.91 billion. Analysts had expected $1.16 a share on revenue of $2.68 billion.

Nvidia does not break out sales of cryptocurrency, but investors have been excited about it and anecdotal reports suggest that graphics cards are in high demand because of crypto mining.

Jensen Huang, CEO of Nvidia, said in the analyst call that Nvidia is modeling for cryptocurrency mining revenues to be flat going forward.

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