TECH - AMD Stock Slips As Investors Shrug Off Q3 Beat React To Lukewarm Guidance | Benzinga
Chipmaker Advanced Micro Devices, Inc. (NASDAQ:AMD) reported Tuesday after the market close with third-quarter earnings and revenue that came in ahead of expectations. The guidance for the fourth quarter was roughly in line with estimates, sending the stock lower in after-hours trading.
AMD’s Key Q3 Numbers
AMD reported third-quarter non-GAAP earnings per share, or EPS, of 70 cents, up 4% from the year-ago earnings per share of 67 cents. The bottom line climbed 21% from the second quarter’s 58 cents per share.
Analysts, on average, had modeled EPS of 64 cents for the quarter.
The Santa Clara, California-based company grew its revenue 4% year-over-year from $5.62 billion in the third quarter of 2022 to $5.8 billion in the third quarter of 2023. It also topped the consensus estimate of $5.27 billion. Sequentially, the top line grew 8% from $5.36 billion in the second quarter.
In early August, AMD guided third-quarter revenue to be approximately $5.7 billion plus or minus $300 million. The company penciled in the non-GAAP gross margin at about 51% compared to the previous quarter’s 50% and year-ago’s 54%. ...