In many languages it will be more natural to make verse 7 a separate sentence, although 6 and 7 are one sentence in the Greek. Perhaps one could begin the verse with “As a result, you have not failed….”

The exact meaning of you are not lacking in any spiritual gift is uncertain. The possibilities are:
(a) there is not one of God’s gifts that you do not have (Good News Bible and Revised English Bible have this interpretation);
(b) there are none of God’s gifts that you do not have enough of;
(c) there is not one of God’s gifts that you have less of than any other gift (the King James Version [King James Version] seems to take this meaning).

Possibility (a) is the most likely; (b) is somewhat weaker, but otherwise is not much different from (a); and (c) is not supported by the context, where Corinth is not being compared with other churches.

The Greek word translated as spiritual gift and Good News Bible as “blessing” is related to the word for “grace”; but it always has the meaning of a specific gift from God. Die Bibel im heutigen Deutsch makes this meaning fully explicit by translating “the gifts that God’s Spirit gives.” So the first clause may be translated “As a result you have received every gift (or, ability) that God’s Spirit gives.”

As you wait …: in the second half of verse 7 Paul turns his attention from what Christ has already done for the Corinthian Christians to what he will do. The word translated wait is a strong one. It does not suggest a passive attitude but one of eager expectation. Revised English Bible‘s translation “wait expectantly” brings out the full meaning. Some languages can render this element of “expectantly” by an idiom; for example, “as you set your face and eyes waiting for.”

For the revealing: the Greek noun rendered as revealing is the term from which the English word “apocalypse” is derived. It is often used in speaking about the End Time. Although the Greek uses a noun, revealing is an event or action and will need to be translated as a verb in many languages, as Good News Bible has done. In other languages it may be necessary to show that Paul is teaching about Jesus’ return to earth in order to judge everyone. In this case one may say, for example, “as you wait for Jesus Christ to appear.” But if translators think that God is the doer of the action revealing, they may say “as you wait for God to reveal Jesus Christ” (see the introduction to this section for a discussion on translating these passive verbs).

Quoted with permission from Ellingworth, Paul and Hatton, Howard A. A Handbook on Paul’s First Letter to the Corinthians, 2nd edition. (UBS Handbook Series). New York: UBS, 1985/1994. For this and other handbooks for translators see here .