It seems that NVIDIA’s woes in the realm of cryptocurrency won’t be going away anytime soon. Besides the lawsuit that was filed against it back in December last year, it now seems that the GPU brand may have downplayed its earnings from the sale of mining-centric graphics card from last year. By a little more than US$1 billion (~RM4.09 billion).
The company had reported in its financial statement that it had generated approximately US$602 million (~RM2.46 billion) from blockchain and the sale of its miner-specific graphics cards. However, according to Mitch Steves, an analyst for RBC Capital Markets, the company could’ve earned US$1.35 billion (~RM5.52 billion) more than that. Bringing the total amount up to US$1.95 billion (~RM7.95 billion).
Despite the hefty earnings, NVIDIA’s market share fell steeply nearing the end of last year, losing nearly 50% of its value, and now hovering around the US$144.73 (~RM591). Jen-Hsun Huang, CEO and co-founder of NVIDIA, said the decline of his company’s stock value was, in turn, due to the rapid decline of cryptocurrency.
Steves had put forward the possibility that NVIDIA is trying to mask its revenue, by way of concealing it. Through funneling the amount through multiple projects or by having OEMs pay for the PCB boards over an extended period of time.
Needless to say, Steves’ claim is a bold one against the graphics brand, and lacks any concrete proof to the matter. That said, we do advise you to take this news with a healthy dose of skepticism.