Nvidia expects to be able to sell "stale" video cards for mining

The top management of the manufacturer of video cards and chips Nvidia expressed the hope that in the foreseeable future the company will be able to sell the accumulated stocks of equipment in its warehouses, a significant part of which in the conditions of prolonged crypto was the miners of bitcoin and other altcoins unclaimed. This writes Bloomberg.

Earlier, the head of Nvidia Jensen Juan said that the last few months were extremely "turbulent and disappointing"for The company. In this regard, the Taiwanese company lowered its revenue forecast for the fourth quarter of 2019 from $2.7 billion to $2.2 billion.

However, on Tuesday, March 19, Nvidia CFO Colette Kress said that the company expects to sell the accumulated in its warehouses GPUs and chips. Her optimism during the corporate event in San Jose, California, was shared by the head of the company – speaking to investors and analysts, Jensen Juan tried to convince them that buyers for unsold equipment will certainly be found.

As for the forecasts for the 2020 fiscal year, then, according to Colette Kress, Nvidia does not expect any significant growth or any sensitive decline in income. As the newspaper notes, previously, market analysts had predicted the company reduced income by 4%.

In November last year, it was reported that for the third quarter of 2018, the total cost of excess products in the warehouses of the company increased more than five times and exceeded $70 million in nine months, this figure reached $124 million.

In December, Schall law firm announced a class action lawsuit against Nvidia. Representatives of the company then said that the company had misled its shareholders with statements that the fall in demand from crypto-currency miners would not affect the financial performance, and that the demand from gamers would cover all possible costs associated with the mining sector.

Recall, on the eve of the total computing power in the bitcoin network came to the indicators of the beginning of November last year. This is the highest level in the last four months, indicating that optimism in the market, particularly among miners, not only persists, but also increases.