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Nvidia Latest News & Update: Cryptocurrency Failure Leads to Stock Nosedive, Lost The Gamble or Bad Luck?

Bitcoin.WorldSpectrum/Pixabay

Nvidia recently released its revenue report for the third quarter and it signaled the end of an era for the company. The cryptocurrency boom essentially led to an unexpected boost in its sales of GPUs last year, which led to some good and bad results. However, it appears that this good fortune has stopped with the cryptocurrency industry slowing down and the company finally running out of luck.

One result of how the cryptocurrency industry has failed is Nvidia’s stocks plunging by 19 percent on Thursday, CNBC reports. In terms of earnings, the company gained $1.84 per share, but this does not include a few items. The revenue itself is only at $3.18 billion, which missed the expectations by analysts who were predicting $3.24 billion.

This resulted in the usual investor panic, with less committed moneymen simply running away. On that note, it’s worth pointing out that the company’s revenue did go up by 21 percent year-over-year. This was according to a press release that Nvidia had released. Even so, it would seem that investors were expecting a little too much despite the warnings by the company about slowing cryptocurrency sales.

At this point, it’s clear that Nvidia can no longer count on the significant boost in sales that the mining of Bitcoin and other cryptocurrency brought last year. That was an unexpected spot of good luck, to begin with, and no one could have predicted it in the first place. As such, the company was simply riding a wave that accidentally caught it as it swelled and then harmed it when it crashed against the rocky shore.

It wasn’t as if Nvidia failed to notify investors with regards to the risks that they are taking when buying shares simply because of the boom that the company has experienced with cryptocurrency. It has been sending out warnings for over a year that this was the case.

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3.9 %

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3.9 %

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-1541 %

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-1541 %

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