Nvidia up 10% after Q4 earnings beat, says cryptocurrency demand ‘exceeded expectations’

Nvidia’s successes are continuing to pile on as the company’s gaming and data center businesses drove revenues up 34 percent year-over-year.

Nvidia shares were up around 10 percent after-hours following the company’s release of its fourth-quarter earnings report. The company reported EPS of $1.78 on revenue of $2.91 billion, beating analyst expectations of $1.17 per share on $2.69 billion revenue.

The company stayed relatively vague on the influence of cryptocurrency mining on its last quarter’s revenues, noting that it was difficult to identify customer intent. Nevertheless, Nvidia’s CFO noted that demand for its GPUs related to mining cryptocurrencies had “accounted for a higher percentage of revenue than the previous quarter,” and that it had “exceeded expectations.”

The company’s most sizable category, gaming, brought $1.74 billion in revenue. Nvidia specifically highlighted the success of the Nintendo Switch and its breakout launch as a contributor to its recent uptick in revenue. Meanwhile, revenues from Nvidia’s data center business more than doubled to $606 million.

The after-earnings pop of 10 percent tacks onto a stellar year for the stock, which is up about 83 percent over the past 12 months.