AMD Stock Prices Fall After Q1 Earnings Report
AMD's Q1 Earnings
Advanced Micro Devices (AMD) reported its first-quarter earnings results on Tuesday, May 3, 2023. The company's revenue came in at $5.3 billion, which was slightly higher than analysts' expectations of $5.28 billion. AMD's net income was $1.14 billion, or $0.71 per share, which also beat analysts' estimates of $0.69 per share.
Stock Performance
Despite the positive earnings report, AMD's stock price fell in extended trading. The stock was down about 2% in after-hours trading. This decline may be due to investors being concerned about AMD's guidance for the second quarter. The company expects revenue to be between $5.6 billion and $5.8 billion, which is slightly below analysts' expectations of $5.85 billion.
Conclusion
Overall, AMD's first-quarter earnings report was mixed. The company beat analysts' estimates on revenue and earnings per share, but its guidance for the second quarter was slightly below expectations. This led to a decline in AMD's stock price in after-hours trading.
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