Nvidia's Record Results Aren't ‘Impressive Enough' Because It's Sold Out, Analyst Says

Nvidia's second-quarter earnings beat Wall Street estimates and guidance topped $108 billion, yet Seaport Research Partners analyst Jay Goldberg says the results still are not "impressive enough" to move the stock.

Goldberg is the lone Wall Street analyst with a sell rating on Nvidia. He argues its sold-out chip supply leaves little room for upside surprises this year.

Nvidia Beats, But The Market Shrugs

Nvidia (NVDA) reported second-quarter revenue that beat Wall Street estimates by roughly $4 billion. Revenue nearly doubled from a year earlier.

Guidance for the current quarter came in at $108 billion, above the $103.9 billion analysts expected.

Goldberg, speaking on Bloomberg Technology, said the beat itself will not be enough.

"I think my initial impression is that's a really impressive quarter and nobody's going to care."

Jay Goldberg, Bloomberg

He said Nvidia CEO Jensen Huang could still move the stock through his tone on the earnings call. Huang is a persuasive speaker, though his recent track record on that front has been mixed.

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