AMD Stock Plummets After Hours on In-Line Q3 Earnings, Weak Guidance

AMD stock is down about 19.3% after hours

Advanced Micro Devices stock (NASDAQ:AMD) was sinking hard late in the day Wednesday as the company posted its latest quarterly earnings results after hours, reporting figures that were unable to top what analysts were looking for by a significant margin.

AMD StockFor its third quarter of fiscal 2018, the semiconductor company brought in adjusted earnings of 13 cents per share, which was only a cent above the 12 cents per share that analysts were calling for in their consensus estimate, according to data compiled by Bloomberg.

AMD added that its revenue for the figure tallied up to $1.7 billion, which was in line with what analysts were calling for in their consensus estimate, also according to figures compiled by a survey conducted by Bloomberg.

For its fourth quarter of fiscal 2018, the company is calling for revenue that is approximately $1.45 billion, plus or minus $50 million, which would mark an increase of 8% compared to the year-ago quarter. However, this figure is weaker than the $1.6 billion in revenue that analysts are calling for to wrap up AMD’s latest fiscal year.

“We delivered our fifth straight quarter of year-over-year revenue and net income growth driven largely by the accelerated adoption of Ryzen, EPYC and datacenter graphics product,” AMD President and CEO Lisa Su said.

AMD stock is down about 19.3% after the bell on Wednesday as the company unveiled an average quarterly earnings showing. Shares had been sliding roughly 9.2% during regular hours in anticipation of its results following rumblings of a potentially underwhelming quarter.


Article printed from InvestorPlace Media, https://investorplace.com/2018/10/amd-stock-advanced-micro-devices-2/.

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