Nvidia (NVDA) will report its first-quarter earnings after the market closes on Wednesday, amid volatile earnings season and inflationary pressures that have rocked other major tech firms.
Here’s what Wall Street is expecting from the graphics card giant, compiled by Bloomberg, compared to Nvidia’s performance in the same quarter last year.
Revenue: $8.1 billion compared to $5.66 billion in Q1 last year
Adjusted EPS: Expected $1.30 versus $3.66 in Q1 last year.
Data Center: $3.63 billion in the first quarter of last year compared to $2.05 billion
Gaming: Expected $3.53 billion versus $2.76 billion in Q1 last year
Automotive: $137 million compared to $154 million in Q1 last year
Nvidia’s earnings come as tech stocks notably rose amid a sell-off in the broader market. Nvidia’s shares are down more than 28% over the past three months, while rival AMD’s shares are down more than 20%.
Nvidia CEO Jensen Huang reacts to a video on his keynote speech at CES in Las Vegas, Nevada, US January 7, 2018. Reuters/Rick Wilking
Shares of Qualcomm (QCOM) also declined 22%. Intel (INTC), meanwhile, has managed to remain largely in line with the S&P 500, with shares falling more than 9% compared to the index’s 7% decline.
Nvidia and importantly for gamers, graphics cards are finally returning to store shelves after months of supply chain disruptions. That’s not to say that the chip shortage is over, not by a long shot.
Intel CEO Pat Gelsinger predicts that shortages will continue into 2024, meaning we are still far from returning to pre-pandemic availability for many semiconductors.
That said, Nvidia’s card, along with AMD’s, is seeing a price drop as the cryptocurrency prices crash. A decrease in the price of crypto usually coincides with a drop in card prices as miners turn their attention away from buying available supplies to mine coins.
Nvidia is also expected to unveil its latest graphics card lineup in the coming months. Dubbed the RTX 4000-series, the card should deliver a welcome performance boost over the company’s current RTX 3000-series line, not just a boost to Nvidia’s bottom line.
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