Advanced Micro Devices (AMD) late Tuesday missed Wall Street's lowered expectations for the third quarter and disappointed with its sales guidance.Advanced Micro Devices (AMD) late
Still, AMD stock rose in extended trading as investors bet that the worst is over for the chipmaker. Still, AMD stock rose in extended trading as investors bet that the worst is
The Santa Clara, Calif.-based company earned an adjusted 67 cents a share on sales of $5.57 billion in the September quarter.
Analysts polled by FactSet had expected AMD earnings of 69 cents a share on sales of $5.65 billion. On a year-over-year basis, AMD earnings fell 8% while sales rose 29%.Analysts po
On Oct. 6, AMD slashed its outlook for the third quarter, citing weak personal computer sales.
For the current quarter, AMD predicted sales will rise 14% to $5.5 billion. However, analysts were predicting $5.95 billion.For the current quarter, AMD predicted sales will rise 1
In after-hours trading on the stock market today, AMD stock climbed 2% to 60.86.In after-hours trading on the stock market today, AMD stock climbed 2% to 60.86.
During the regular session Tuesday, AMD stock dipped 0.7% to close at 59.66. As of Tuesday's close, AMD stock is down 59% in 2022.
"Third-quarter results came in below our expectations due to the softening PC market and substantial inventory reduction actions across the PC supply chain," Chief Executive Lisa S
She added, "Despite the challenging macro environment, we grew revenue 29% year over year driven by increased sales of our data center, embedded and game console products."She adde