Advanced Micro Devices, Inc. AMD shares took a hit following the company’s third-quarter earnings release, despite an earnings and sales beat.
AMD reported third-quarter adjusted EPS of 10 cents, topping estimates by 2 cents. Sales came in at $1.64 billion, beating estimates by $130 million.
Still, investors reacted negatively, seemingly due to the fourth-quarter guidance provided by the company, which expects sales down 12-18 percent quarter over quarter.
Q3 Highlights
- Revenue up 26 percent year over year
- AMD expects annual 2017 revenue to increase by greater than 20 percent compared to previous guidance of mid-to-high teens percentage
“Strong customer adoption of our new high-performance products drove significant revenue growth and improved financial results from a year ago,” said Dr. Lisa Su, AMD president and CEO. “Our third quarter new product introductions and financial execution mark another important milestone as we establish AMD as a premier growth company in the technology industry.”
Shares of AMD were down over 6 percent at $13.32 in the after-hours session. See the full release here.
Related Links:
A Bullish Call On AMD's Q3 Earnings, Guidance
AMD, Microchip Tech Among Q3 Semiconductor Favorites At Jefferies
Image Credit: Quintin Lin [CC BY-SA 2.0)], via Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.