Nvidia Q4 FY1/23 Earnings Review
Numbers were less bad than had been warned - stock up!
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Earnings Don't Matter, Episode 707
Nvidia beat their own dour Q4 revenue guide by a barely-there $50m, and guided up for Q1 FY1/24 such that sequential-quarter revenue growth looks to be in place for a second successive quarter. More importantly in our view they also guided to a solid gross margin number for Q1. Other than that the numbers were poor on any reading. That the stock popped on the print tells you that the market is looking for reasons to go up, not down.
(In due course we will find out why NVDA didn't publish earnings till around 5pm Eastern which is way late in the day).
For our Premium and Pro members, here's the numbers, the valuation and our price target outlook.