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Invidia’s business is outperforming in each market platform prompting the GPU manufacturer to raise its forecast for the first quarter of the fiscal year 2022. One of the platforms that performed particularly well its crypto mining processor (CMP) business that the company had to triple its revenue forecast for the product line.
During its annual Investor Day on Monday, Nvidia announced that total revenue for the first quarter is already tracking above the firm’s forecast revealed in its previous end-of-year earnings call, according to Cointelegraph. In response to the overwhelmingly positive performance in each platform, the company upgraded its forecasts for the first quarter of the fiscal year 2022.
“While our fiscal 2022 first quarter is not yet complete, Q1 total revenue is tracking above the $5.30 billion outlook provided during our fiscal year-end earnings call,” Nvidia executive vice president and chief financial officer Colette Kress said in a press release. “We are experiencing broad-based strength, with all our market platforms driving upside to our initial outlook.”
The company’s strong performance likewise extended to its graphics processing unit (GPU) business. In fact, Nvidia decided to triple its revenue forecast for its cryptocurrency mining processor lineup.
“NVIDIA’s market platforms include Gaming, Data Center, Professional Visualization, and Automotive,” Nvidia said. “The company also raised its first-quarter revenue estimate for its new CMP product for industrial-scale cryptocurrency mining to $150 million, up from $50 million previously expected.”
The crypto market rally has pushed prices of popular digital currencies such as Bitcoin (BTC) and Ethereum (ETH) to new records. In fact, BTC just set a new all-time high above $64,000 recently before retreating to $63,413 at the time of writing based on data from Coinmarketcap.
With higher prices, crypto mining has become very profitable, which resulted in the rising demand for crypto mining-focused GPUs. Nvidia’s decision to triple its revenue estimates for its CMP product is another indication of the rising demand for crypto mining hardware.
“Overall demand remains very strong and continues to exceed supply while our channel inventories remain quite lean,” Colette Kress said. “We expect demand to continue to exceed supply for much of this year. We believe we will have sufficient supply to support sequential growth beyond Q1.”
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