The semiconductor industry is going through an upheaval. Shortages have led to gluts, and the sky-high demand for PCs and other gadgets witnessed during the pandemic has vanished. Global shipments of PCs tumbled 29% year over year in the first quarter, according to IDC, falling below pre-pandemic levels. It could take a while for shipments to level out since there's still too much inventory floating around.

Given this backdrop, Advanced Micro Devices' (NASDAQ: AMD) headline result for the first quarter doesn't seem all that bad. The company reported a year-over-year revenue decline of 9%, a far better result than the 36% drop rival Intel experienced.

In many cases when a company makes a major acquisition, that company will help investors out by reporting something called organic revenue growth. Organic revenue growth backs out the impact of acquisitions and divestitures, giving investors a better idea of how the core business is doing.

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Source Fool.com