Management was likely being more conservative than usual given the challenging macroeconomic environment. However, Nvidia's second-quarter guidance for both the top and bottom lines came in lower than analysts had been expecting. That marked at least the eighth consecutive quarter that the company has topped analysts' earnings projection.
On the positive side, last quarter, investors drove the stock up 5.2% after the company beat Wall Street's consensus estimates for both revenue and earnings. Investors will probably be approaching the technology giant's report with cautious optimism. An analyst conference call is scheduled for the same day at 5 p.m. Efforts to drive further gains in the post-Covid era, such as boosting enterprise sales and new offerings like Phone and WhiteBoard, may not be enough to sustain growth due to rising competition from Microsoft Teams and slowing IT budgets at smaller business clients, according to Citi analysts who downgraded its shares to sell this week.Nvidia ( NVDA -6.13%) is slated to report its second-quarter results for fiscal 2023 (the May to July 2022 period) after the market closes on Wednesday, Aug.
The video conferencing provider is likely to see y/y revenue growth drop into the single digits for the first time since it went public, based on the company’s own forecast and consensus estimates, as a weakening economy and broader return-to-office trends cut into sales. Monday: Zoom Video ( ZM US) will report after-market. Reports next week will give investors further insight into the second-half for retailers, chipmakers and software providers as the peak earnings period draws to a close. Yet evolving shopping behaviors across the income spectrum, along with price markdowns from excess inventory, are contributing to the highest proportion of earnings misses for the consumer discretionary sector than elsewhere in the S&P 500 this season. Better-than-expected US retail sales data and upbeat outlooks from Walmart and Target this week demonstrated the resilience of the American consumer amid hyperinflation and rising rates.
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