Nvidia to report Q1 earnings as chip stocks get pummeled

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Nvidia (NVDA) will report its Q1 earnings after the market close on Wednesday amid a volatile earnings season and inflationary pressures that have rocked other major tech firms.

Here’s what Wall Street is expecting from the graphics card giant, as compiled by Bloomberg, compared to how Nvidia performed in the same quarter last year.

Revenue: $8.1 billion expected versus $5.66 billion in Q1 last year

Adjusted EPS: $1.30 expected versus $3.66 in Q1 last year.

Data Center: $3.63 billion expected versus $2.05 billion in Q1 last year

Gaming: $3.53 billion expected versus $2.76 billion in Q1 last year

Automotive: $137 million expected versus $154 million in Q1 last year

Nvidia’s earnings come as tech stocks have been especially pounded amid a broader market selloff. Nvidia shares are off more than 28% over the last three months, while shares of rival AMD (AMD) are off more than 20%.

Shares of Qualcomm (QCOM) have also suffered, falling 22%. Intel (INTC), meanwhile, has managed to stay roughly in line with the S&P 500, with shares dropping more than 9% compared to the index’s 7% decline.

Crucially for Nvidia, and gamers, graphics cards are finally returning to store shelves after months of crushing supply chain disruptions. That’s not to say the chip shortage is over, not by a long shot.

Intel CEO Pat Gelsinger predicts that the shortage will continue into 2024, which means we’re still far from returning to pre-pandemic availability for many semiconductors.

That said, Nvidia’s cards, along with AMD’s, are dropping in price thanks to the crash in cryptocurrency prices. A decrease in the price of crypto usually coincides with a drop in card prices as miners turn their attention away from buying up available supplies to mine coins.

Nvidia is also expected to unveil its latest graphics card lineup in the coming months. Dubbed the RTX 4000-series, the cards should provide a welcome performance boost over the company’s current RTX 3000-series line, not to mention boost Nvidia’s bottom line.

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Got a tip? Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.

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