Business

AMD falls as light guidance outweighs strong Q2 results

Semiconductor manufacturer Advanced Micro Systems announces quarterly earnings

Justin Sullivan/Getty Images News

Modern micro devices (NASDAQ:AMD) Stocks fell 6% in after-hours trading on Tuesday, when the semiconductor company offered third-quarter guidance that fell short of expectations, even as it released second-quarter results that beat estimates.

After the close of trading, AMD (AMD) said it expected revenue of between $6.5 billion and $6.9 billion for its third quarter, while analysts had expected $6.81 billion. Looking at the full year, AMD (AMD) said revenue is likely to be between $26 billion and $26.6 billion.

That outlook took some of the luster out of the semiconductor giant’s strong second-quarter earnings report.

For the period ended June 25, AMD (AMD) said it earned $1.05 per share on revenue of $6.55 billion, helped by 83% growth in data center sales.

AMD (AMD) also saw strength in the company’s customer segment, which includes PC processors, as revenue rose 25% year over year to $2.2 billion. Gaming revenue grew 32% year over year to $1.7 billion, and embedded segment revenue grew 2,228% year over year thanks to the acquisition of Xilinx.

A consensus of analysts expected AMD (AMD) to earn $1.04 per share on sales of $6.53 billion during the period.

Other chip companies such as Nvidia (NVDA) and Marvell (MRVL) fell on the report.

AMD (AMD) will host a conference call at 5:00 p.m. EST to discuss the results.

Last month, Wedbush Securities analyst Matt Bryson said AMD (AMD) was his top pick in the semiconductor space.

https://seekingalpha.com/news/3864564–advanced-icro-devices-falls-as-guidance-comes-in-light-despite-strong-q2-results?utm_source=feed_news_all&utm_medium=referral AMD falls as light guidance outweighs strong Q2 results

Russell Falcon

Pechip.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@pechip.com. The content will be deleted within 24 hours.

Related Articles

Back to top button