Copyright Benzinga
Advanced Micro Devices Inc (NASDAQ:AMD) reported financial results for the third quarter on Tuesday after the bell. Here’s a look at the key metrics from the chipmaker’s report. AMD stock is trending. See what the experts say here. Q3 Highlights: AMD reported third-quarter revenue of $9.25 billion, beating analyst estimates of $8.74 billion. The chipmaker reported third-quarter adjusted earnings of $1.20 per share, beating estimates of $1.16 per share, according to Benzinga Pro. Total revenue in the quarter increased 36% on a year-over-year basis. Here’s a breakdown of revenue by segment. Data Center: $4.3 billion, up 22% year-over-year Client and Gaming: $4 billion, up 73% year-over-year Embedded: $857 million, down 8% year-over-year AMD delivered $2.24 billion of third-quarter operating income and ended the period with approximately $4.81 billion in cash and cash equivalents. “We delivered an outstanding quarter, with record revenue and profitability reflecting broad-based demand for our high-performance EPYC and Ryzen processors and Instinct AI accelerators,” said Lisa Su, chair and CEO of AMD. “Our record third quarter performance and strong fourth quarter guidance marks a clear step up in our growth trajectory as our expanding compute franchise and rapidly scaling data center AI business drive significant revenue and earnings growth.” What’s Next: AMD expects fourth-quarter revenue of approximately $9.6 billion, plus or minus $300 million. Analysts are currently expecting fourth-quarter revenue of approximately $9.15 billion, according to Benzinga Pro. AMD noted its current outlook does not include any revenue from AMD Instinct MI308 shipments to China. Company executives will further discuss the quarter on a 5 p.m. ET earnings call with investors and analysts. AMD Price Action: AMD shares had more than doubled year-to-date heading into the print. The chip stock was down 3.10% in after-hours Tuesday, trading at $242.25 at the time of publication, according to Benzinga Pro. Read Next: EXCLUSIVE: October’s 12 Most-Searched Tickers On Benzinga Pro — Where Do Apple, Beyond Meat, Tesla Rank? Image created using artificial intelligence via DALL-E.
