<div id="readability-page-1">According to Nasdaq Chief Economist Phil Mackintosh, earnings growth drives stock prices over the long term. This assertion is evident as growth stocks with the best earnings per share (EPS) have led the market since it bottomed out in October 2022. Typically, you find best-in-class EPS growth in innovative companies riding the coattails of a secular trend. That’s true for the growth stock picks on this list. These companies have invested heavily in their growth initiatives. Now, those efforts are bearing fruit and driving remarkable earnings growth. Given the artificial intelligence (AI) buzz and growing capital expenditures by the hyperscalers, one major growth area has been data center AI chips. Another growth industry continues to be e-commerce. The shift from physical brick-and-mortar stores continues, driving e-commerce penetration worldwide. The following growth stocks with best EPS are profiting from the aforementioned trends. According to Finviz, they will grow their EPS by over 70% this year. Furthermore, analysts forecast over 25% earnings growth next year. These stocks aren’t done yet, so expect more upside. <h2>Nvidia (NVDA)</h2> <div id="2932651"><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="300" height="169" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/>Source: Rokas Tenys / Shutterstock.com</div>Nvidia (NASDAQ:NVDA) has capitalized on a once-in-a-generation innovation: the emergence of artificial intelligence. Over the years, the semiconductor chip company invested in designing powerful chips that could support accelerated computing. Now, it’s reaping the rewards. Notably, the company has emerged as the undisputed leader in AI chips. Its AI chips are critical in training large language models as well as inference. Due to its technological advantage and lower total cost of ownership, its chips are in high demand. It counts hyperscalers such as Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META) as key customers. Capitalizing on demand, Nvidia revenues have soared over the past year. For instance, revenues for the fiscal year ending January 2024 grew 125%. As a result, GAAP diluted earnings per share surged an astounding 586%. Analysts expect this trend to continue in fiscal year 2025 after Q1 earnings highlighted the continued strength in demand. GAAP diluted EPS for the quarter rose 629% year-over-year (YOY), driven by Nvidia’s pricing power and operating leverage. As long as Nvidia continues to beat expectations, it will remain one of the growth stocks with best EPS. Wall Street consensus estimates call for over 109% growth in EPS for fiscal year 2025. Demand isn’t slowing and Nvidia will continue marching higher. <h2>PDD Holdings (PDD)</h2> <div id="2708129"><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="300" height="169" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/>Source: shutterstock.com/Markus Mainka</div>PDD Holdings (NASDAQ:PDD) has been a real disruptor in the e-commerce market, taking share from incumbents. In China, it has been grabbing market share from Alibaba (NYSE:BABA) and JD.com (NASDAQ:JD) by offering steep discounts and targeting lower-income consumers. Similarly, it’s following the same playbook in developed markets. One good example is its approach in the U.S. It launched its shopping app Temu, which offers heavily discounted items. Then, it followed up with an aggressive marketing campaign with ads at the Super Bowl and across various social media sites. Since launching Temu, PDD has been in growth mode, blowing past analyst estimates. After growing revenues by 123% YOY in Q4 2023, growth accelerated to 131% YOY in Q1 2024. Even better, net income soared by 246%. These results reinforce why PDD stock is among the growth stocks with best EPS to buy today. Wall Street analysts are also bullish and Goldman upgraded the stock to “buy,” raising the price target from $145 to $184. Analysts Ronald Keung and David Ma increased their 2024 to 2026 profit estimates by 25% to 43% as they see sustained revenue momentum. Even looking at valuations, PDD is one of the top growth stocks with best EPS to buy today. Finviz estimates 77% EPS growth this year, yet PDD stock trades at 12 times forward EPS. <h2>MercadoLibre (MELI)</h2> <div id="1632068"><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="300" height="169" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/>Source: tiagogarciafoto / Shutterstock.com</div>The Amazon (NASDAQ:AMZN) of Latin America is another stock riding the e-commerce wave to tremendous growth. Over the past five years, MercadoLibre (NASDAQ:MELI) has grown revenues at a compounded annual growth rate (CAGR) of 57%. More growth lies ahead given the potential for increased penetration of e-commerce in Latin American markets. MELI is among the growth stocks with best EPS based on its growth profile. Over the past three years, EBIT has grown at a 109% CAGR. The forward outlook is even more attractive. According to Finviz, the e-commerce giant has grown trailing twelve-month EPS by 82% YOY. What’s more, analysts expect EPS to increase by 77% this year and 35% in 2025. Fundamentally, MercadoLibre is firing on all cylinders and can surpass these estimates. Q1 2024 was another strong quarter as total revenues increased from $3.18 billion to $4.33 billion, a 36% YOY growth rate. Key markets experienced strong growth, with Brazil and Mexico reporting 44% and 55%, respectively, after excluding reporting updates. Looking ahead, management sees secular opportunities for its e-commerce and fintech business. As more buyers shift online and customers seek simpler financial services, Latin America’s e-commerce leader will soar. On the date of publication, Charles Munyi did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Charles Munyi has extensive writing experience in various industries, including personal finance, insurance, technology, wealth management and stock investing. He has written for a wide variety of financial websites including Benzinga, The Balance and Investopedia.Consumer Discretionary, Retail, E-Commerce, TechnologyGrowth Stocks </div>

MELI

Nvidia, PDD Holdings, and MercadoLibre are three growth stocks with the best earnings per share (EPS) in 2024. Nvidia is a leader in AI chips, PDD is disrupting the e-commerce market, and MercadoLibre is experiencing tremendous growth in Latin America. These companies have invested heavily in their growth initiatives and are expected to continue their remarkable earnings growth. Expect more upside from these stocks.

3 Growth Stocks With the Best Earnings Per Share in 2024