Nvidia Corp. is about to report another set of blowout results Wednesday, but Wall Street has come to expect that more and more from the chip giant. Perhaps that’s why Nvidia’s stock
NVDA,
-4.35%
slid to its worst day in four months heading into the report. Shares fell 4.4% on Tuesday to log their largest single-day percentage decline since Oct. 17, 2023, when they lost 4.7%.
Nvidia shed $78 billion in market capitalization on the day, making for its largest daily loss of market cap in its history, according to Dow Jones Market Data. The prior record was a $56 billion decline seen May 31, 2023. More from MarketWatch: As Nvidia prepares to post results, these three Europe chip names are tipped for gains, JPMorgan says Still, Nvidia’s stock has surged more than 35% so far this year. “Given Nvidia’s share price rally year-to-date…we believe overall market expectations have risen significantly as consensus earnings are now approaching our forecasts,” wrote HSBC analyst Frank Lee. Lee and his team “see limited room for further earnings upside in 2024 relative to the sales and earnings surprise that we saw in 2023.” Analysts tracked by FactSet anticipate that Nvidia logged $4.59 a share in adjusted earnings on $20.4 billion in revenue for its fiscal fourth quarter that ended in January. Adjusted earnings per share is expected to be up more than 400%, while revenue could more than triple. The company is forecast to see similarly eye-popping numbers in the current quarter, with analysts modeling $5.02 a share in adjusted EPS, up more than 350%, and $22.2 billion in revenue, roughly triple what was seen a year before. The setup for Nvidia looks “challenged” with the bar “so high,” according to Mi …
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NVDA,
-4.35%
slid to its worst day in four months heading into the report. Shares fell 4.4% on Tuesday to log their largest single-day percentage decline since Oct. 17, 2023, when they lost 4.7%.
Nvidia shed $78 billion in market capitalization on the day, making for its largest daily loss of market cap in its history, according to Dow Jones Market Data. The prior record was a $56 billion decline seen May 31, 2023. More from MarketWatch: As Nvidia prepares to post results, these three Europe chip names are tipped for gains, JPMorgan says Still, Nvidia’s stock has surged more than 35% so far this year. “Given Nvidia’s share price rally year-to-date…we believe overall market expectations have risen significantly as consensus earnings are now approaching our forecasts,” wrote HSBC analyst Frank Lee. Lee and his team “see limited room for further earnings upside in 2024 relative to the sales and earnings surprise that we saw in 2023.” Analysts tracked by FactSet anticipate that Nvidia logged $4.59 a share in adjusted earnings on $20.4 billion in revenue for its fiscal fourth quarter that ended in January. Adjusted earnings per share is expected to be up more than 400%, while revenue could more than triple. The company is forecast to see similarly eye-popping numbers in the current quarter, with analysts modeling $5.02 a share in adjusted EPS, up more than 350%, and $22.2 billion in revenue, roughly triple what was seen a year before. The setup for Nvidia looks “challenged” with the bar “so high,” according to Mi …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]