Nvidia shares slump as firm warns that crypto-mining boom is over

NVIDIA graphic cards are shown for sale at a retail computer store in San Marcos California

Nvidia's CFO commentary also revealed that the company's OEM and IP revenue was down 54 percent from a year ago to $116 million, "driven by lower demand for cryptocurrency mining".

Nvidia Corp (NVDA.O) shares fell as much as 5 percent in after-hours trading on Thursday after the chip maker said cryptocurrency-fueled demand had dried up and it forecast sales below Wall Street targets, overshadowing quarterly results that otherwise beat expectations. The firm now expects revenue to drop to anywhere between of $3.19 billion to $3.32 billion, averaged out at $3.25 billion, compared to analysts that estimated $3.34 billion for the third-quarter. Shares of Nvidia's chief rival in the graphics chip market, Advanced Micro Devices Inc (AMD.O), have also been whipsawed by swings in the cryptocurrency markets.

Cryptocurrency had been expected to generate $100 million in revenue but only managed to scrape in $18 million, down from $289 million from the previous quarter.

The diluted earning per share for this quarter were at $1.17, up by 91 percent compared to the past year and down 11 percent compared to the previous quarter.

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"Even with the weaker outlook, sales are growing 23% y/y, just as the sustainable revenue streams are beating consensus", SunTrust analyst William Stein said in a note sent out to clients after the results.

"Growth across every platform-AI, Gaming, Professional Visualization, self-driving cars-drove another great quarter", said Jensen Huang, founder and CEO of Nvidia. Cryptocurrency is believed to have had a big impact on the company's 40 percent growth in overall revenue in the second quarter, amounting to $3.1 billion. Excluding items, Nvidia earned $1.94 per share.

The Santa Clara, Calif. -based company delivered a Q2 net income of $1.1 billion, or $1.76 per share.

In the third quarter, Nvidia is expecting revenues of $3.25 billion (+/- 2%), or another record quarter, with an expected gross margin of 62.6 percent (+/- 0.5%).

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