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- 1 NVDA earnings for the next quarter are forecasted to grow with a significant margin.
- 2 Nvidia is indirectly exposed to the blockchain and cryptocurrency market through its GPUs.
Nvidia Corporation (NASDAQ: NVDA) has been on the headlines of many financial corporations. The NVDA stock has been among the best-performing stocks in the US market this year. It has given a return of 241% in the past calendar year. It outperformed the S&P 500 by a huge mark.
Along with a remarkable stock performance, the company has significantly grown fundamentally. During the Third Quarter of Fiscal 2024, the company reported its revenue of $18.12 billion, which showed a growth of 206% from the same quarter a year ago.
When this was compared with the 34% from the previous quarter, the EPS as per the last quarter was $3.71. That is more than 12 times growth compared to the same quarter of the 2023 fiscal.
Nvidia has direct exposure to the crypto and the blockchain market through its GPU processors. These are used by the miners for effective crypto mining.
NVDA Earnings Forecast for the 4th quarter of 2024
| Quarter name | Revenue | Sales Growth | EPS | EPS Growth |
| Q2 2023 | $6,051 | $0.26 | ||
| Q3 2023 | $6,704 | 10.79% | $0.27 | 3.85% |
| Q4 2023 | $7,192 | 7.28% | $0.57 | 111.11% |
| Q1 2024 | $8,288 | 15.24% | $0.82 | 43.86% |
| Q2 2024 | $13,507 | 62.97% | $2.48 | 202.44% |
| Q3 2024 | $18,120 | 34.15% | $3.71 | 49.60% |
| Q4 2024 Forecast | $20,504 | 13.16% | $5.26 | 41.82% |
Forecast Method: Mean of Linear Regression and Average Growth
The forecasted numbers are in favor of Nvidia, The revenue is forecasted to grow at a rate of 34% in the next quarter. It is an exceptional increase respective to its already large market cap. Moreover, the investors can expect an EPS of $3.71, with a growth of 49% from the current one.
Technical Analysis of NVDA Stock Price
At the press time, the NVDA stock price is soaring near all-time high levels. The stock has made a gap up opening after which the investors got more confident. The current resistance level for the NVDA stock price is near the all-time high level of $504.
Towards the downside, the stock is surfing on its 50-day EMA, which is at $473. The support levels for the NVDA stock are at $403 and $318. The stock price forecast will be bullish considering the support from the 50-day EMA.
Conclusion
Nvidia Corporation has been one of the top-performing stocks this year with returns past the market average. The company has reported its earnings, which also came with an upward trajectory. Moreover, the technical and financial forecast suggests that the stock will rise in the upcoming months, both in terms of Earnings and Stock price.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
