Advanced Micro Devices (AMD) late Tuesday missed Wall Street's lowered expectations for the third quarter and disappointed with its sales guidance. Still, AMD stock rose in extended trading as investors bet that the worst is over for the chipmaker.
The Santa Clara, Calif.-based company earned an adjusted 67 c a share on sales of $5.57 billion in the September quarter. Analysts polled by FactSet had expected AMD earnings of 69 cents a share on sales of $5.65 billion. On a year-over-year basis, AMD earnings – 8% while sales rose +29%.
On Oct. 6, AMD slashed its outlook for the third quarter, citing weak personal computer sales.
For the current quarter, AMD predicted sales will rise 14% to $5.5 billion. However, analysts were predicting $5.95 billion.
In after-hours trading on the stock market today, AMD stock climbed 2% to 60.86. During the regular session Tuesday, AMD stock dipped 0.7% to close at 59.66. As of Tuesday's close, AMD stock is down 59% in 2022.
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