Earnings week ahead: NVIDIA, Lowe’s, Zoom Video and more (NASDAQ:NVDA)
While the heart of the earnings season is now well in the past, next week will still see a diverse group of prominent companies releasing their quarterly financial results. The earnings lineup includes names in the cybersecurity, semiconductor, retail, auto and food manufacturing spaces.
Specifically, Wall Street’s attention will be focused on notable tech players such as Zoom (ZM), NVIDIA (NASDAQ:NVDA), Baidu (NASDAQ:BIDU), and Snowflake (SNOW). Meanwhile, retailers will be in the spotlight as well, with updates anticipated from Lowe’s (NYSE:LOW), Macy’s (M), Dick’s Sporting Goods (DKS) and The Gap (GPS).
Below is a rundown of the major quarterly updates anticipated in the week of August 21 to August 25:
Monday, August 21
Zoom Video Communications (ZM)
Zoom Video Communications (ZM) is due to report Q2 results after the close on Monday. Despite surpassing consensus estimates in Q1 and boosting its 2024 outlook, SA Author Jay Capital points out that, “Slowdown in Enterprise revenue growth remains a concern.”
Both sell-side analysts and Seeking Alpha’s Quant Rating system maintain a cautious stance on the stock, assigning it Hold ratings.
- Consensus EPS Estimates: $1.06
- Consensus Revenue Estimates: $1.11B
- Earnings Insight: Zoom has beaten EPS estimates in 100% of the past 8 quarters and revenue in 6 of those reports.
Tuesday, August 22
Just a week after rival Home Depot (HD) reported an upbeat Q2 outcome, Lowe’s Companies (LOW) is set to release its quarterly update before the opening bell on Tuesday. Lowe’s has outperformed Home Depot this year and receives a consensus Buy recommendation from Wall Street analysts. The Seeking Alpha Quant Rating system rates the stock as a Hold.
SA author Miguel Daban, who labels the company a ‘Dividend King,’ sees potential for a sound long-term investment.
- Consensus EPS Estimates: $4.48
- Consensus Revenue Estimates: $24.98B
- Earnings Insight: Lowe’s has beaten EPS estimates in 8 consecutive quarters and revenue expectations in 5 of those reports.
Also reporting: Baidu (BIDU), BJ’s Wholesale (BJ), Canadian Solar (CSIQ), Coty (COTY), Dick’s Sporting Goods (DKS), GDS Holdings (GDS), Kingsoft Cloud (KC), Macy’s (M), Medtronic (MDT), Toll Brothers (TOL), Urban Outfitters (URBN) and more.
Wednesday, August 23
Chip maker NVIDIA (NVDA) is set to disclose its Q2 earnings results after the market closes on Wednesday.
Citi Analyst Atif Malik, maintaining a Buy rating and a $520 price target on Nvidia (NVDA), suggests that data center sales for the upcoming quarter might rise by 90% Y/Y and 12% Q/Q, exceeding the 87% and 12% expectations of Wall Street.
While the consensus sell-side rating remains a Buy, Seeking Alpha analysts maintain a Hold rating, amid concerns about unfavorable valuation.
- Consensus EPS Estimates: $2.08
- Consensus Revenue Estimates: $11.07B
- Earnings Insight: Nvidia outperformed EPS estimates in 6 of the last 8 quarters while exceeding revenue predictions in all of them.
Also reporting: Abercrombie & Fitch (ANF), Advance Auto (AAP), Analog Devices (ADI), Bath & Body Works (BBWI), Dycom (DY), Foot Locker (FL), Grab (GRAB), KE Holdings (BEKE), Kohl’s (KSS), Lancaster Colony (LANC), Peloton (NASDAQ:PTON), Williams-Sonoma (WSM), Autodesk (ADSK), Guess? (GES), NetApp (NTAP), Snowflake (SNOW), Splunk (SPLK), Zuora (ZUO) and more
Thursday, August 24
Workday (WDAY) is slated to announce its Q2 results after market close on Thursday. After surpassing expectations in Q1, the company has raised lower end of its subscription revenue guidance.
SA author Vladimir Dimitrov highlights potential downward pressure on Workday’s share price as monetary conditions normalize. Wall Street analysts rate the stock as a Buy while Seeking Alpha’s Quant Ratings view it as a Hold, amid valuation concerns.
- Consensus EPS Estimates: $1.26
- Consensus Revenue Estimates: $1.77B
- Earnings Insight: The company has beaten EPS estimates in 7 of the last 8 quarters while exceeding revenue predictions in all of them.
Also reporting: Burlington Stores (BURL), Credo Technology Group (CRDO), Dollar Tree (DLTR), Domo (DOMO), Frontline (FRO), Gap (GPS), Hain Celestial (HAIN), Intuit (INTU), Marvell (MRVL), NetEase (NTES), Nordstrom (JWN), OSI Systems (OSIS), PagSeguro Digital (PAGS), Petco Health and Wellness (WOOF) , Royal Bank of Canada (RY), Toronto-Dominion Bank (TD), Ulta Beauty (ULTA), Weibo (WB) and more.
Friday, August 25
The week concludes with sparse smattering earnings reports, featuring a confirmed pre-market announcement from Akebia Therapeutics (AKBA), which had previously postponed its Q2 financial results due to accounting errors related to return reserves for Auryxia.