Shares of Nvidia (NASDAQ: NVDA) are up in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Adjusted earnings per share came in at $0.58, which missed analysts’ consensus estimate of $0.70 per share.
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In addition, the company demonstrated operating deleverage since its operating margin contracted from 37.6% to 10.1%.
Furthermore, sales decreased 17% year-over-year, with revenue hitting $5.931 billion. However, this was higher than the $5.82 billion that analysts were looking for.
Looking forward, Nvidia expects revenue for the fourth quarter to come in between a range of $5.88 billion to $6.12 billion. For reference, analysts had expected $6.137 billion.
What is a Good Price for NVDA Stock?
NVDA stock has a Moderate Buy consensus rating based on 23 Buys, eight Holds, and zero Sells assigned in the past three months. The average NVDA stock price target of $192.14 implies 20.77% upside potential.
