Why AMD Stock Is Plummeting Today
Advanced Micro Devices (NASDAQ: AMD) stock is losing ground Wednesday after the publication of the company's third-quarter results. The semiconductor specialist's share price was down 9.6% as of 1 p.m. ET.
AMD published its Q3 results after the market closed yesterday, delivering earnings that were in line with the market's expectations and sales that came in better than anticipated. The company posted non-GAAP (adjusted) earnings per share of $0.92 on sales of $6.82 billion, with revenue in the period beating the average Wall Street estimate's call for revenue of $6.71 billion. But despite the sales beat in the quarter, management's forward guidance left investors feeling bearish.
While the stock is seeing big sell-offs in today's trading, AMD's third-quarter results weren't concerning in isolation. Overall revenue was up 17.6% year over year in the period, and adjusted earnings per share were up 31% compared to the prior-year period.
Source Fool.com
Advanced Micro Devices Inc. Stock
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