Advanced Micro Devices (NASDAQ:AMD)
On Wednesday, shares of Advanced Micro Devices (NASDAQ:AMD) increased by as much as 4% as investors on Wall Street decided not to punish the chipmaker for what was widely anticipated to be an unsatisfactory quarterly report and outlook.
AMD (AMD) said on Tuesday that it had earned 67 cents per share for its third quarter, excluding any one-time events’ impact on sales of $5.57 billion. The computer technology company AMD (AMD) said on October 7 that it anticipated earning 70 cents per share on sales of $5.6 billion for its third quarter.
AMD (AMD) also said that it anticipates revenues of between $5.2 billion and $5.8 billion for the fourth quarter of 2022 and that its sales for the whole year should fall somewhere in the region of $23.2 billion to $23.8 billion.
AMD (AMD) said that the downturn in the personal computer (PC) sector was the primary factor affecting its performance. The sales of goods for PCs dropped by 40% from the previous year to a total of $1 billion.
Vijay Rakesh, an analyst at Mizuho Securities, said that AMD’s (AMD) revenue expectation for the fourth quarter was lower than the $5.9 billion in sales that was the consensus estimate among analysts, but that the company’s lower forecast mainly was anticipated.
Rakesh kept his buy recommendation on AMD stock, but he decreased his price objective for the company’s stock from $102 to $95. According to Rakesh, even though it is expected that sales of personal computers will continue to fall, AMD (AMD) is experiencing sustained momentum from the growth of its data center and gaming product lines.
AMD stock has been given an overwhelming majority of buy ratings by Wall Street analysts and Seeking Alpha bloggers. The quantitative algorithm at Seeking Alpha, which has consistently outperformed the stock market’s performance, has assigned a hold recommendation on AMD stock.
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Despite poor numbers, Wall Street remains tranquil, which is good news for investors in AMD stock.
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Author Shariq Khan 
