Nvidia Q3 2024 earnings preview: AI boom drives $32.5 billion revenue forecast
Nvidia's upcoming Q3 earnings report could show continued dominance in AI chip market, with data centre segment driving 90% of revenue.
When will NVIDIA report its latest earnings?
[shares:NVDA-US|NVIDIA will release its Q3 2025 earnings report on Thursday, 21 November 2024 at 8.20am.
Key Financials
Expectations for Q3
- Revenue: $32.5 billion, plus or minus 2%
- Earnings per share (EPS): $0.70
Data centre powers Nvidia's growth story
Nvidia's performance has been dominated by its data centre segment, which accounts for nearly 90% of total revenue (as of second quarter 2025). This segment has been showing remarkable growth, which is expected to continue for the next few years.
Potential challenges on the horizon
The long-term outlook suggests an eventual downcycle in the artificial intelligence (AI) semiconductor market. This moderation is expected due to several factors:
- Market saturation of initial infrastructure demands
- Increasing competition from new entrants in the AI chip market
- Cyclical nature of the semiconductor industry
Secondary segments show stable growth
Nvidia's other segments have shown modest but stable growth. The gaming segment reported 16% year-over-year growth in second quarter 2025, while the professional visualisation segment grew by 20%. Both segments are expected to maintain similar growth rates in third quarter, though they remain overshadowed by the dominant data centre segment's performance.
Analyst price targets and forecasts
Based on 42 Wall Street analysts offering 12-month price targets for Nvidia in the last three months, the average price target is $158.34, with a high forecast of $200 and a low forecast of $90. The average price target represents a 6.78% change from the last price of $148.29.
IG client sentiment indicator
Client sentiment
As at 14 November 2024, 75% of IG clients with open positions on Nvidia expect the share price to rise in the near term, while 25% of IG clients with open positions on the company expect the price to fall.
Analyst consensus and price target summary
Nvidia technical analysis
The long-term trend for Nvidia remains up. In the short-to-medium term, we have seen continuation of this trend commencing with a breakout from a triangle-shaped consolidation. The height of the pattern projected from the breakout area suggests a longer-term upside target of $171.70.
The share price is, however, overbought at present. This suggests that traders looking to join the uptrend might prefer to wait for the first pullback from new high territory to look for long entry, provided a pullback (should it occur) does not take the price below trendline support.
Nvidia daily chart
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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