Nvidia set to report results as uncertainty faces chipmaker
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Nvidia (NASDAQ:NVDA) reports its third-quarter results after the close of trading Wednesday, and Wall Street will be looking for any signs of improvement from the chip giant that has seen its shares fall more than 43% this year.
Wall Street analysts estimate that Nvidia (NVDA) will earn 70 cents a share, excluding one-time items, on $5.82B in revenue for its third quarter. During the same period a year ago, Nvidia (NVDA) earned $1.17 a share, excluding one-time items, on sales of $7.1B.
Like many chip companies this year, Nvidia (NVDA) has seen its business affected by a combination of supply chain issues, the impact of inflation and a strong U.S. dollar. Adding to Nvidia's (NVDA) situation is ongoing uncertainty over new U.S. restrictions on the sale of some chip technologies such as artificial technology to China.
Earlier this week, Wedbush Securities analyst Matt Bryson said that while Nvidia (NVDA) has a "superior position" in the AI market, the Chinese matter could have an impact on areas such as Nvidia's (NVDA) data center business, which came in weaker than expected during the second quarter of this year.
Wall Street analysts currently have a consensus buy rating on Nvidia's (NVDA) stock, while Seeking Alpha authors give Nvidia's (NVDA) shares a rating of hold. Seeking Alpha's Quant system, which historically outperforms the stock market, also gives Nvidia (NVDA) a rating of hold on its shares.