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What to Expect From Nvidia’s Upcoming Earnings?

Nvidia (NASDAQ:NVDA) is scheduled to report its first-quarter 2025 earnings on Wednesday, May 22. Wall Street analysts expect Nvidia’s Q1 revenue to reach $24.65 billion, up from the previous quarter and more than tripling from the same period last year. Net income is projected to soar to $12.87 billion, significantly higher than the $2.04 billion profit recorded a year ago and up from the final quarter of 2024. A key focus of Nvidia’s upcoming earnings report will be its data center segment, which has seen rapid growth due to the company’s position as an early beneficiary of the AI boom. The high demand for Nvidia’s advanced computing chips, specialized for AI workloads, has significantly driven this expansion.
Citi analysts estimate Nvidia’s total sales and data center sales for the April quarter to be $24 billion and $21 billion, respectively, aligning with expectations. For the July quarter, Citi projects total sales of $27.5 billion, compared to the Street’s estimate of $26.5 billion and buy-side expectations of around $28 billion. Citi analysts noted that they expect smaller beats compared to previous quarters due to larger numbers, shorter lead times for the H100, and gross margin normalization before the GB200 volume ramps up in the first half of 2025.
Meanwhile, Piper Sandler analysts, in their pre-earnings report, continue to see strong demand for Nvidia’s data center products and believe the company is poised for another “beat-and-raise quarter.” They highlighted that demand for Hopper GPUs remains strong, with supply still catching up to demand as the product is on allocation. They also indicated strong anticipated demand for the Blackwell GPU series across Nvidia’s data center customer base. Piper Sandler’s bull case suggests that Nvidia’s total revenues could surpass current expectations by $1.5 billion to $2.0 billion for April, with a similar beat expected for July. If this occurs, the investment firm expects Nvidia stock to remain flat or slightly up after the earnings release due to already high investor expectations.

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