Chipmaker Advanced Micro Devices (AMD) late Tuesday beat Wall Street’s targets for the third quarter, but missed with its outlook for the current period. AMD stock fell in extended trading.
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The Santa Clara, Calif.-based company earned an adjusted 70 cents a share on sales of $5.8 billion in the September quarter. Analysts polled by FactSet had expected AMD earnings of 68 cents a share on sales of $5.7 billion. In the year-earlier period, AMD earned 67 cents a share on sales of $5.57 billion.
Heading into the Q3 report, AMD had posted four consecutive quarters of declining earnings on a year-over-year basis. Sales had dropped for two straight quarters amid a downturn in demand for personal computers and traditional servers.
In after-hours trading on the stock market today, AMD stock dropped 4.2% to 94.34. During the regular session Tuesday, AMD stock climbed 2.4% to close at 98.50.
Earnings report details to follow.
AMD Stock Ranks Fourth In Group
Last week, rival Intel (INTC) delivered a beat-and-raise third-quarter report thanks to an improving PC market.
Advanced Micro Devices ranks fourth out of 37 stocks in IBD’s fabless semiconductor industry group, according to IBD Stock Checkup. AMD stock has an IBD Composite Rating of 89 out of 99.
Meanwhile, Intel ranks seventh out of 32 stocks in IBD’s semiconductor manufacturing industry group. Intel has an IBD Composite Rating of 62.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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Barbara Terrio is a seasoned business journalist, delving into the world of finance, startups, and entrepreneurship. With a knack for demystifying complex economic trends, she helps readers navigate the business landscape. Outside of her reporting, Barbara is an advocate for financial literacy and enjoys mentoring aspiring entrepreneurs.
