TECH - Can AMD Top Muted Expectations And Lend Support To Tech Rally: Q3 Earnings Preview | Benzinga
Chipmaker Advanced Micro Devices, Inc. (NASDAQ:AMD) is scheduled to report its third-quarter results Tuesday after the market closes. Expectations are muted, given the multiple headwinds that are impacting demand.
What Wall Street Expects
Analysts, on average, estimate AMD to report third-quarter non-GAAP earnings per share, or EPS, of $0.64, down 4.5% from $0.67 in the year-ago quarter.
The Santa Clara, California-based company beat earnings estimates in each of the past three quarters and reported a miss ahead of them.
Revenue is estimated at $5.37 billion, representing a 4.40% year-over-year decline from the year-ago quarter’s $5.62 billion. In the second quarter, the top line was at $5.36 billion.
KeyBanc Capital Markets analyst John Vinh is modeling in line with slightly higher results, driven by improving PC demand and troughing server demand, along with normalizing Milan server processor chip inventory at Cloud Service providers. Raymond James’ Srini Pajjuri called for a slight third-quarter upside, as PC tracked slightly better, and the Data Center tracked in line.
If rival Intel Corp.’s (NASDAQ:INTC) quarterly results are anything to go by, a double beat is likely in the cards for AMD as well. Intel’s third-quarter EPS and revenue came in at $0.41 and $14.16 billion, ahead of the consensus estimates of $0.22 and $13.57 billion, respectively.
In early August, AMD guided third-quarter revenue to be approximately ...