Nvidia cuts Q4 revenue projections by $500 million

Nvidia warned investors today that it expects much weaker sales, thanks to China’s weakened economy and slipping demand from cryptocurrency miners. Nvidia says it likely made $500 million less than previously expected during the last financial quarter — $2.2 billion in revenue as opposed to $2.7 billion.

Nvidia previously foresaw that it would do worse in Q4 thanks to a lack of demand from cryptocurrency miners, as prices of digital coins have largely rendered mining unprofitable for most except the largest and most efficient of organizations. Earlier in 2018, Nvidia had stocked up on excess inventory following the cryptocurrency boom, foreseeing a lot of demand from consumers. That lines up with the reports that GPU prices were…

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