AMD shares fall as forecast fails to impress despite strong AI growth
Publishing timestamp: 2024-10-29 20:39:15
Summary
AMD reported third-quarter results with earnings in line with forecasts and revenue slightly beating expectations. The data center business doubled in sales for the second quarter in a row, but overall revenue guidance for the fourth quarter was in line with expectations. AMD shares were down more than 9% on Wednesday morning. The company expects about $7.5 billion in sales in the current quarter, with a 22% year-over-year decline for the December quarter. AMD's AI chips are gaining interest, with production shipments planned to start this quarter.
Sentiment: MIXED
Tickers: AMD,
Keywords: apple inc, technology, breaking news: technology, business, advanced micro devices inc, earnings, business news,
Source: https://www.cnbc.com/2024/10/29/amd-earnings-report-q3-2024.html