AMD exceeds first-quarter targets but forecasting weak sales

Advanced Micro Devices Inc. (AMD) exceeded first-quarter estimates but fell short of its second-quarter sales prediction late Tuesday. AMD's shares dropped in extended session.
CENTRAL, Hong Kong - June 23, 2023 - PRLog -- In the March quarter, the Santa Clara, California-based corporation earned an adjusted $0.60 cents per share on revenues of $5.35 billion. FactSet surveyed analysts predicted AMD profits of $0.56 cents per share on sales of $5.31 billion. AMD's profits fell 47% year on year, while sales fell 9%.

AMD expects sales of about $5.3 billion in the second quarter. Wall Street, on the other hand, was aiming for $5.5 billion. AMD's revenues in the same period last year were $6.55 billion.

"We remain confident in our growth in the second half of the year as the PC and server markets strengthen and our new products ramp," said Chief Financial Officer Jean Hu in a statement.

AMD Stock Drops Following Quarterly Report

AMD shares fell 4.6% to $85.79 in after-hours trading today on the stock exchange. Tuesday's regular session saw shares rise 0.3% to settle at $89.91.

AMD reported $1.3 billion in data-center chip sales in the first quarter, up a fraction from the same period last year. But PC chip revenue crashed 65% year over year to $739 million amid weak personal computer sales.

Meanwhile, sales of gaming chips fell 6% to $1.76 billion. Furthermore, embedded processor sales increased 162% in the first quarter to $1.56 billion.

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