Advanced Micro Devices Earnings: Here’s Why Investors Don’t Like These Results
Advanced Micro Devices, Inc. (NYSE:AMD) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 3.45%.
Advanced Micro Devices, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.09 in the quarter versus EPS of $0.06 in the year-earlier quarter.
Revenue: Decreased 17.91% to $1.16 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Advanced Micro Devices, Inc. reported adjusted EPS loss of $0.09 per share. By that measure, the company beat the mean analyst estimate of $-0.13. It beat the average revenue estimate of $1.11 billion.
Quoting Management: “Our focus on restructuring and transforming AMD resulted in improved financial results,” said Rory Read, AMD president and CEO. “Our performance in the second quarter was driven by opportunities in our new high-growth and traditional PC businesses. Looking ahead, we will continue to deliver a strong value proposition to our established customers and also reach new customers as we diversify our business. We expect significant revenue growth and a return to profitability in the third quarter.”
Key Stats (on next page)…