Advanced Micro Devices (NASDAQ: AMD) stock sank Wednesday following the company's first-quarter earnings release. The semiconductor company's share price ended the daily trading session down 9%, according to data from S&P Global Market Intelligence.
AMD published its Q1 report Tuesday after the market closed, delivering sales and earnings for the period that came in slightly above the average analyst target. On the other hand, performance came in below the levels that some analysts were anticipating, and questions remain about how much of a boost from artificial intelligence (AI) the business is poised to see in the near term.
AMD recorded non-GAAP (adjusted) earnings per share of $0.62 on sales of $5.47 billion in the first quarter. Meanwhile, the average analyst estimate had called for the business to post per-share earnings of $0.61 on revenue of $5.45 billion.
Source Fool.com