Advanced Micro Devices (NYSE:AMD) is expected to report Q4 earnings after the market close on Tuesday, January 24, with a conference call scheduled for 5:00 pm ET. The consensus estimate is 16c for EPS and $1.72B for revenue, according to First Call.

Last quarter, AMD (NYSE:AMD) announced workforce cuts that implied laying off about 10% of the company’s workforce. According to the company, approximately $10M in overhead will be cut in 4Q11 and $118M in 2012. Management said it saw Q4 revenue growth of 3%, plus or minus 2% sequentially — from Q3′s $1.69B.

Wedbush expects AMD (NYSE:AMD) to report Q4 results largely in-line with Street estimates, but provide a muted outlook for Q1. The firm thinks a lowered Q1 outlook is likely already priced into the stock given the well known challenges that the hard disk drive, or HDD, industry is facing in 1H12 as a result of the Thailand floods. Wedbush continues to believe its long-term investment thesis on AMD (NYSE:AMD) remains intact. The firm believes when the HDD begins its recovery in 2Q12, AMD (NYSE:AMD) is poised to benefit from 1) APU share gains in mainstream and performance notebooks, and (2) the adoption of Bulldozer core CPU’s in servers driving year-over-year earnings and revenue growth in 2012. Consensus for Q1 is 10c on $1.6B in revenue. Consensus for 2012 is 59c on $6.76B in revenue.

Competitors to Watch: Intel Corporation (NASDAQ:INTC), NVIDIA Corporation (NASDAQ:NVDA), MIPS Technologies, Inc. (NASDAQ:MIPS), Texas Instruments Inc. (NYSE:TXN), ARM Holdings plc (NASDAQ:ARMH), Microsoft Corporation (NASDAQ:MSFT), Intl. Business Machines Corp. (NYSE:IBM), Hewlett-Packard Company (NYSE:HPQ), Broadcom Corporation (NASDAQ:BRCM), and Apple Inc. (NASDAQ:AAPL).

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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