Nvidia Reports Q3 Earnings This Week: Will NVDA Stock Boom Continue?
Nvidia (NVDA) will announce its Q3 earnings report this upcoming Wednesday, a report that can shape its future stock standings in Q4 2024. The company has been the far-and-away leader in tech and artificial intelligence (AI) for the past year. This is reflected by its stock performance, which has shot up 188% year-to-date in price per share. In the last six months alone, NVDA stock is up 55.5% and is outpacing other top tech giants like Microsoft (MSFT) and Alphabet (GOOGL).
With its Q2 earnings report, Nvidia did exceedingly well, again surpassing expectations. Its stock would boom shortly after the earnings report went live, and a similar scenario is expected this week. Recently, Nvidia became the world’s largest publicly traded company by market cap, surpassing its competitors Apple, Intel, and AMD. The company is expected to continue its 2024 success and positive results from Q2 heading into Q3’s earnings on Wednesday.
Nvidia Q3 Earnings Expectations: How Will Stock be Affected?
According to Bloomberg analysts, Nvidia is expected to report Q3 earnings per share (EPS) of $0.74 on revenue of $33.2 billion. That works out to an 83% year-over-year increase on both the top and bottom lines versus the same period last year when Nvidia saw EPS of $0.40 on revenue of $22.1 billion. Meanwhile, Nvidia’s Data Center segment, its largest business, is set to bring in $29 billion for the quarter. That’s a 100% increase versus the $14.5 billion the company reported in Q3 last year
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Furthermore, Nvidia stock is expected to surge toward $180 as Wall Street backs a positive Q3 earnings boost. Analysts have identified a $178 price target as the stock should end the year on a high note. The most important driver of the price increase is the stock’s youth. Indeed, it is still in its early stages of satisfying growing demand. However, Q4 and beyond are expected to bring even further gains for Nvidia, all coming off a positive Q3 earnings report of course.
Nvidia will share its earnings report after the bell this Wednesday, November 20.