
Why? Despite the fact that analysts and experts have been predicting the US stock market crash during pash year S&P500 doubled since March 2020 crush and NASDAQ is also gaining permanently…
2021-02-24 • Updated
NVIDIA is set to release its earnings results after the closing bell on February 24. To be precise, at the midnight from Wednesday to Thursday. Analysts forecast earnings at $2.8 per share and revenue at $64.72 billion. Pay attention that unlike other companies NVIDIA will reveal its performance that ended January 31, 2021 (not December 31, 2020, like others).
NVIDIA is widely expected to beat estimates due to the company’s leading position in producing chips for the gaming and artificial intelligence industries, but at a slower pace than the previous two quarters. Investors will focus on Nvidia's data center revenue. The Covid-19 boosted the demand for data center services. Since NVIDIA is one of the main suppliers of chips for data centers, robust growth in this segment is awaited.
Moreover, earnings will reveal whether NVIDIA has been able to cope with the industry-wide shortages of chips or not. Many chip customers are facing these days the increased demand for gadgets like laptops and gaming consoles that use chips.
NVIDIA has been moving in an ascending channel since the summer of the last year. Since it’s in a lower part of the channel, it has more potential to rise. Besides, the downside is limited by the 50-and 100-day moving averages at $540.00. The move above $580.00 will drive the stock up to the high of February 16 at $615.00.
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The e-commerce giant has recently faced a lot of pressure, starting from global uncertainty in China amid lockdowns and geopolitics. The company has been added to the US SEC (Securities and Exchange Commission) delisting queue. Finally, there’s an earnings report coming on August 4. Let’s discuss everything and prepare for the next move.
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