AMD says it will sell $4 billion in AI chips this year; stock drops on in-line forecast
Publishing timestamp: 2024-04-30 18:34:24
Summary
AMD reported first-quarter sales slightly ahead of expectations and provided an in-line forecast for the current quarter. The company expects about $5.7 billion in sales, representing about 6% annual growth. Despite meeting forecast estimates and signaling growth in AI chip sales, AMD's stock slid. The company's Data Center segment grew 80% year-over-year thanks to sales of its MI300 series AI chips. AMD also reported strong sales in its client segment, but its gaming segment was down. The company's embedded segment reported falling sales.
Sentiment: NEUTRAL
Keywords: advanced micro devices inc, business, earnings, apple inc, intel corp, dividends, breaking news: technology, technology, lisa su, business news, mobile,