Nvidia reported a drop in quarterly revenue by 24%

[Paha87]

The leading video card manufacturer Nvidia announced a significant decline in quarterly revenue, which fell by 24% to $ 2.21 billion from $ 2.91 billion observed at this time a year ago. The company also reported that this figure also fell by 31% compared to $ 3.18 billion in the previous quarter.

However, Nvidia also noted that in fiscal 2019, revenue was $ 11.72 billion, up 21% from $ 9.71 billion a year earlier.

The fall during the quarter, which ended on January 27, was mainly due to a drop in demand for chips used for cryptocurrency mining and the gaming industry, which affected the company's revenues. Jen-Hsun Huang, CEO of Nvidia, commented:

It was a tumultuous period, close to what was a great year. The combination of the remaining after-boom crypto inventory channels and the recent deteriorating end-market conditions has led to a disappointing quarter.

According to the founder of Nvidia, the fundamental position of the company and serve its markets are strong, despite a decline in revenues. "The accelerated computing platform we first introduced is Central to some of the most important and fastest growing industries in the world - from artificial intelligence to Autonomous vehicles and robotics. We expect to return to sustainable growth, " he added.

The financial report States that in the 2019 financial year, Nvidia has returned to shareholders to 1.95 billion dollars through the purchase of shares in the amount of 1.58 billion and quarterly dividends in the amount of 371 million dollars.

Link (Russian) - https://altstake.io/news/nvidia-otchitalasy-opadenii-kvartalynogo-dohoda-na-24