NVIDIA is expected to report a year-over-year drop in both earnings and revenue when it posts its results for the first quarter of fiscal 2024 on Wednesday after the market close in the US.
Analysts, on average, expect NVIDIA to report adjusted earnings per share of $0.92 on revenue of $6.51 billion, per Zacks Consensus Estimate.
This would represent declines of 32.4% and 21.5% from adjusted earnings per share of $1.36 and revenue of $8.29 billion in the year-ago quarter, respectively.
Many investors have their eyes on the designer and manufacturer of graphics processing units for gaming amid the recent artificial intelligence (AI) craze.
It is expected NVIDIA will have benefited from the recovery of its gaming and professional visualization markets during 1Q, with the gaming market in the previous quarter beginning to show early signs of a rebound.
The continued demand for cloud-based solutions is also expected to have supported NVIDIA’s Datacenter business.
However, disruption to retail channels in some parts of China and continued high inflation and interest rates among other ongoing macroeconomic headwinds are forecast to have weighed on NVIDIA’s sales during 1Q.
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