February 24, 2024
London, UK

NVIDIA (NVDA) Third Quarter Earnings

NVDA NVIDIA Vertex AI

NVIDIA reported third-quarter earnings figures disappointing investors in EPS but the revenue beat expectations.

Nvidia’s revenue came to $5.93 billion, beating the analyst’s expectations of $5.80 billion. Q3 revenue was down 17% from 2021 and 12% lower from the second quarter.

Earnings per share came at $0.58 well below the forecasts of $0.67. The EPS was 50% lower than a year ago and 14% higher from the second quarter. GAAP earnings per diluted share for NVIDIA’s Q3 were $0.27, down 72% from a year ago and 4% higher from the Q2 of 2022.

Data Center revenue rose 31% to $3.83 billion.

Gaming revenue dropped 51% to $1.57 billion.

Professional Visualization for Q3 dropped 65% to $200 million.

Automotive and Embedded increased by 86% to $251 million.

NVIDIA’s Outlook

Nvidia now expects for the fourth quarter:

Revenue is expected to be around $6.00 billion.

The guidance for the GAAP and non-GAAP gross margins are 63.2% and 66.0%, respectively, plus or minus 50 bps.

GAAP and non-GAAP operating expenses are estimated now to be $2.56 billion and $1.78 billion, respectively.

GAAP and non-GAAP other income and expenses are forecasted to be $40 million.

GAAP and non-GAAP tax rates are estimated at 9.0%, plus or minus 1%.

NVDA Stock Price

NVIDIA stock closed 4.54% lower at $159.10. In the after-hours trading, NVDA is adding 1.90% at $162.10. The stock has lost over 45% since the beginning of the year and is down 45.63% in the last 12 months. NVDA stock has a 52-week trading range between $108.13 and $346.47. The all-time high for NVIDIA stock was 346.47 on November 22, 2021.

NVDA stock has regained positive momentum after the previous week managed to break above the 100-day moving average. Bulls now target the next strong resistance level at the 200-day moving average of $181.83. In the case of a move lower the initial support stands at the 100-day moving average which from resistance has now turned into support at $149.83. A break below might attract more sellers targeting the 50-day simple moving average at $132.35.

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