Graphics-chip maker Nvidia Corp. benefited from continued hot demand for devices from computer videogamers and cryptocurrency miners, pushing its sales and profit to records in its most recent quarter.
Nvidia has been one of the tech companies that profited most handsomely from the pandemic-era economy, when millions of people turned to videogames, online services and other home-based activities during lockdowns.
Sales rose by 68% to $6.51 billion in the period ended in July, the company said. Net profit nearly quadrupled, reaching $2.37 billion.
The company’s latest generation of graphics cards are popular with computer gamers for whom high-quality images and fast frame-rates are prized. Its high-end cards have sold out fast, and resellers have responded to demand by buying available stocks and marking them up well above their list price.
The cards are also well-suited to the computing-power demands of cryptocurrency mining. To avoid that demand crimping the supply of components for gamers, Nvidia sells products specifically for the digital-currency creation market. It also has put in place software designed to limit the usefulness of its gaming cards for crypto-mining. Chief Financial Officer Colette Kress said more than 80% of the company’s latest graphics cards had those limiters on them, adding that crypto-specific chips would be a minimal contributor to future revenue.
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
