NVIDIA Corporation NVDA is set to capture the attention of investors around the world when it reports third-quarter financial results after the market closes on Wednesday.
Here's a look at how Benzinga readers feel ahead of the highly anticipated report.
What Happened: Nvidia may have been founded in a Denny's restaurant with humble beginnings. Today, the company is the most valuable in the world, worth $3.61 trillion.
Benzinga readers think the stock could be heading higher if third-quarter earnings are strong.
Analysts expect the technology giant to report third-quarter revenue of $33.12 billion on Wednesday, Nov. 20 after market close.
That's up from $18.12 billion in last year’s third quarter, according to data from Benzinga Pro.
The company has beaten analyst estimates for revenue in eight straight quarters and nine of the last 10 quarters overall.
Analysts expect third-quarter earnings per share of 75 cents. That's up from 40 cents per share in last year’s third quarter. The company beat analyst estimates for earnings per share in seven straight quarters and eight of the last 10 quarters.
Guidance from the company calls for third-quarter revenue to be $32.5 billion plus or minus 2%.
"What's your boldest prediction for Nvidia's earnings report on Wednesday?" Benzinga asked readers.
The results were:
- Meets expectations: 45%
- Blowout Beat: 42%
- Misses expectations: 13%
The majority of Benzinga readers expect the company to meet or beat the estimates from analysts. While more readers expect the company to meet estimates, 42% believe the company will beat estimates Wednesday.
On X, Benzinga polled followers with a similar question.
"Will $NVDA beat or miss earnings?" Benzinga asked.
The results were:
- Beat: 73.8%
- Miss: 26.2%
A larger majority of Benzinga followers on X expect the company to beat estimates, with the caveat that there was no option for meet and it was strictly guessing a beat or a miss.
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What's Next: With the chance of an earnings beat, Benzinga also asked about their expectations for the stock if Nvidia blows out earnings estimates.
"If Nvidia shatters expectations, how high could its stock go by the end of 2024?" Benzinga asked.
The results were:
- $150 to $180: 55%
- $180 to $200: 26%
- Above $200: 18%
Nvidia shares closed at $147.01 on Tuesday and have traded between $45.01 and $149.76. They are up over 200% year-to-date.
Benzinga readers see the stock hitting new all-time highs if third-quarter results come in ahead of analyst estimates.
If the stock goes higher, Nvidia CEO Jensen Huang would continue to benefit as one of the key shareholders of the stock. Huang's wealth has soared to $128 billion in 2024, ranking 11th in the world according to Bloomberg.
Huang has added $84.3 billion to his wealth and is around $17 billion away from cracking the top 10 richest people in the world milestone. If shares continue to trade higher to the end of the year, this milestone could be within reach.
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The study was conducted by Benzinga from Nov. 19 through Nov. 20, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 146 adults.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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