Altcoin News: Nvidia Expects Growth in Cryptocurrency Market

March 20, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The management of the largest manufacturer of video accelerators Nvidia expects the growth of the cryptocurrency market, which will allow the company to get rid of equipment accumulated in warehouses thanks to miners.

Colette Kress, the company’s Chief Financial Officer, spoke to analysts and investors, stating that the company expects to sell the accumulated stocks of equipment. However, the company expects that in the 2020 fiscal year, profits will remain either at the same level as in the previous reporting period, or slightly reduced. Analysts predict a decrease in profits Nvidia by 4%.

Note that after the fall of the cryptocurrency market and the decline in sales of equipment to miners, Nvidia shares began to plummet. By the end of December, the value of the company’s shares decreased by 54% to $129.57, and in January it updated at least at $127.9. However, after some recovery in the cryptocurrency industry, Nvidia shares rose to $150.

“Near-term results reflect excess channel inventory post the cryptocurrency boom, which will be corrected,” said Nvidia head Jensen Huang in December.

Diar‘s recent research confirms that the profit from mining began to grow after it dropped to its lowest level in 18 months. So the expectations of the leadership of Nvidia may well be realized in the foreseeable future.

Author: Marko Vidrih