Nvidia Corp (NASDAQ:NVDA, ETR:NVD)'s quarterly revenue and data center performance are expected to meet or exceed market expectations when it reports its latest earnings on February 26, analysts at UBS believe.
For Q4, they expect revenue of $42.1 billion and earnings per share (EPS) of $0.95, above Street estimates of $38 billion and $0.84 respectively.
Data center revenue is forecast at $38.1 billion, above the Street’s $33.5 billion.
UBS projects revenue from Blackwell, Nvidia’s next-generation GPU architecture designed for high-performance computing and AI workloads, of $9 billion for Q4.
They see Blackwell revenue more than doubling in Q1 to greater than $20 billion, representing about 700,000 units.
“It is important to remember that Nvidia recognizes Blackwell revenue when compute boards are shipped (which inflected significantly in Q4) and does not wait for racks to be shipped from OEM/ODM partners,” they wrote.
“Ergo, we believe the supply chain is successfully navigating a short-term mismatch between Blackwell compute board shipments (ramping now) and OEM/ODM Blackwell GB200 rack shipments (ramping starting in March)."
In terms of first quarter guidance, UBS also expects this to be in line to better than investor expectations of $42.5 billion to $43 billion in revenue, including $28.5 billion to $39 billion in data center revenue.
Analysts repeated their ‘Buy’ rating and $185 price target on Nvidia.
Shares of Nvidia traded at about $139 in the early afternoon on Thursday, having gained more than 100% in the last year.