TECH - AMD Analysts Spotlight Crucial 'Swing Factor' Ahead Of Q4 Earnings Amid Tough Chip Industry Conditions | Benzinga
Advanced Micro Devices, Inc. (NASDAQ:AMD) shares have run up sharply in January as sell-side analysts touted the company as an AI play which will likely give Nvidia Corp. (NASDAQ:NVDA) a run for its money. Expectations are lofty, heading into the earnings day of the Lisa Su-led company.
AMD’s fourth-quarter earnings report is scheduled to be released Tuesday after the market closes.
The stock gained 20.6% in January as traders bid up the stock in response to analysts raising estimates and stock price targets. Will the company live up to the hype? Is there scope for further upside for the stock as it trades at overbought levels?
Key Q4 Expectations
Q4’23 Consensus* Q4’23 Guidance Q4’22 Q3’23
Revenue $6.12B $6.1B +/- $300 M $5.6B $5.8B
Non-GAAP EPS 77 cents N/A 69 cents 70 cents
Non-GAAP gross margin N/A 55.1% 51% 51%
* according to Benzinga Pro data
KeyBanc Capital Markets semiconductor analyst John Vinh said in a note that he expects higher results for the fourth quarter, premised on strong server demand.
Peer Intel Corp.’s (NASDAQ:INTC) shares slumped about 12% Friday after the chipmaker reported fourth-quarter revenue that came in slightly shy of estimates and issued below-consensus guidance.
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