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Nvidia reported its 2017 fourth-quarter earnings after the bell this Thursday.
Shares of the company were sliding ahead of the report, and are currently down 2.97% to $5.87, mirroring a down day in the broader stock market.
Wall Street is expecting adjusted earnings of $1.29 per share on revenue of $2.676 billion. Most of the street is bullish. Nineteen of the 35 analysts surveyed by Bloomberg rate the company as a buy, and just two rate it as a sell.
Wall Street's enthusiasm could be waning, though. AMD, Nvidia's chief rival in the GPU market, reported that one-third of the growth in its graphics unit came from cryptocurrency miners. Mitch Steves, an analyst at RBC Capital Markets, said that Nvidia will not only have to top earnings estimates, it will have to show it can grow its business without the help of volatile cryptocurrencies if it's to keep moving its stock higher.
Showing solid growth outside its gaming division will also assuage worries from Goldman Sachs and Citron, which both have voiced concerns about Nvidia's rapid stock price growth compared to its relatively modest earnings growth.
Nvidia has grown 10.57% over the last year, which lead Citron to ask "is Nvidia really worth $36 billion more than it was New Years Eve with $15k BTC?"
This story is developing. Check back for the latest figures.
CONTENT SOURCE :http://www.pulse.com.gh/bi/finance/finance-here-comes-nvidia-earnings-nvda-id7957370.html
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