AMD Earnings Tops Analyst Estimates

Aug 2, 2023 By MarketDepth

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AMD Radeon Graphics card

Advanced Micro Devices (AMD:NASD) earnings topped analyst expectations but still down 18% from previous year. The company forecasts weaker third quarter sales due to weak consumer market. The consumer pc market has seen a decline as the world entered economic uncertainty. The company reported $5.36 billion compared to $5.31 billion expected.

AMD also announced third quarter expectations which came in at $5.7 billion but analysts expected $5.81 billion.

“We are expecting a large ramp in the second half for our Data Center business, weighted towards the fourth quarter and we are still looking at a ZIP code — let’s call it 50%, plus or minus, second half to first half.”

AMD CEO Lisa Su said on a call

The company has started to push forward on AI research as the race to be the leader in the industry is on within the tech industry. Every company has different applications for AI but requires extensive capital to continue developing.