Nvidia is poised for a significant earnings report as it prepares to ramp up production of its highly anticipated Blackwell chips, although full production won’t be realized until early 2025. Despite this timeline, early shipments of Blackwell are expected to contribute to incremental revenue in the upcoming quarter. Analysts predict that, alongside continued sales of Nvidia’s H100 and H200 GPU clusters, the company will achieve third-quarter revenue of approximately $33 billion, reflecting an impressive 83% year-over-year growth.
CFRA Research analyst Angelo Zino advises investors to temper their expectations regarding Nvidia’s guidance for the Blackwell launch. He conservatively estimates sales between $3 billion and $5 billion for the January quarter, suggesting that Nvidia may adopt a cautious approach to provide a buffer against potential disappointments. However, Zino believes that demand for Blackwell chips will remain strong throughout 2025 due to heightened interest from hyperscalers supporting next-generation data centers.
Goldman Sachs analysts are closely monitoring Nvidia’s guidance for the fourth quarter, expecting it to reinforce their bullish outlook. They predict that the first quarter of 2025 will mark a “breakout” period for Nvidia as Blackwell production ramps up. Goldman Sachs forecasts third-quarter revenue of $34.3 billion, with adjusted earnings per share at $0.79, surpassing consensus estimates. They attribute this growth to strong demand for Nvidia’s Hopper-based GPUs and networking products.
Dan Ives from Wedbush remains optimistic about Nvidia’s upcoming earnings report, anticipating another standout performance. He predicts Nvidia will exceed revenue estimates by $2 billion and deliver strong guidance that surpasses expectations by the same margin. Ives emphasizes the robust demand for Blackwell and expects bullish commentary from CEO Jensen Huang during the conference call.
Analysts at Bloomberg Intelligence expect Nvidia to exceed third-quarter revenue consensus significantly and raise guidance for the fourth quarter. They anticipate that increased capital expenditure from hyperscalers will bolster near-term sales, with small volume shipments of Blackwell expected in fiscal Q4, ramping up fully in Q1 2026. Despite potential declines in gross margins, they forecast margins will remain above 73%.
As Nvidia gears up for its earnings announcement, all eyes are on how the company navigates its product launches and responds to market demands amid evolving competition.
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