Lisa T. Su, CEO of Advanced Micro Devices
Adam Jeffrey | CNBC
AMD export Preliminary results for the third quarter on Thursday which is much less than the initial routing.
The company reported preliminary quarterly revenue of approximately $5.6 billion. It had initially said it expected revenue of $6.7 billion for the first quarter, plus or minus $200 million. AMD also said its non-GAAP gross margin is expected to be around 50%, while it previously forecast it to be closer to 54%.
Shares fell more than 3% in after-hours trading.
AMD said the shortage was a combination of “a weaker-than-expected PC market and significant inventory corrections across the PC supply chain.”
In its recent quarterly earnings results, AMD had already given a forecast for the third quarter of that year It was less than expected on Wall Street.
The company said revenue from the AMD customer segment was about $1 billion, down 40% year-over-year. The company’s gaming segment generated approximately $1.6 billion in revenue, up 14% year over year, and its data center business also generated approximately $1.6 billion in sales for the quarter, up 45% year over year.
Boost in AMD’s Embedded Works, which is basically a result Get Xilinx Earlier this year, it made about $1.3 billion.
In total, sales of $5.6 billion are up 29% compared to the third quarter of 2021 but down 15% from the last quarter.
Overall, the stock is down about 53% for the year while the S&P 500 is down more than 21%.
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