February 24, 2024
London, UK

Nvidia NVDA Q1 Earnings for 2024 Beat Expectations

NVDA NVIDIA Vertex AI

Nvidia (NVDA ) reported Q1 earnings for 2024 beating the analysts expectations. The Earnings per share (adjusted) were at $1,09 topping the analysts expectations of $0,92. The quarterly revenue came at $7,19 billion above the Wall Street forecasts of $6,52 billion.

Nvidia’s data center sector revenues came at $4.28 billion above the forecasts of $3.9 billion. Strong data center revenues boosted by strong demand for chips used in AI applications.

Revenue in the gaming division, came at $2.24 billion topping the expectations of $1.98 billion.

Nvidia (NVDA) Guidance

Nvidia now expects for the second-quarter of 2024 revenue of $11 billion, (+/-2%) above the analysts estimates of Q2 revenue of $7.17 billion. Revenues in the second quarter of 2024 was $6.7 billion. The company did not provide full 2024 guidance.

NVDA stock has gained 108,96% since the start of the year, while in the last three months the stock added over 47% in its market capitalization.

Nvidia stock has an all-time high of $346.47.

Earlier today Citigroup maintained NVIDIA at Buy rating and raised the NVIDIA price target from $305 to $363, while yesterday Wedbush Securities reiterated NVIDIA at Neutral and raised the price target from $216 to $290.

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