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AMD reports Q1 beat, but stock plunges 4% on weak Q2 revenue guidance

AuthorDavit Kirakosyan
Published 2023-05-02, 05:14 p/m
Updated 2023-05-02, 05:14 p/m
© REUTERS

Advanced Micro Devices, Inc. (NASDAQ:AMD) shares dropped more than 4% after-hours following the Q1 earnings announcement. While both Q1 EPS and revenues came in better than expected, Q2 revenue guidance at the midpoint missed the consensus estimates.

EPS was $0.60, compared to the consensus estimate of $0.56. Revenue fell 9% year-over-year to $5.4 billion, beating the consensus estimate of $5.3B, as Embedded segment strength was offset by lower Client segment revenue.

“Our strategically important Data Center and Embedded segments contributed more than 50 percent of revenue in the first quarter. For the second quarter we expect sequential growth in our Data Center and Client segments offset by modest declines in our Gaming and Embedded segments,” said CFO Jean Hu.

The company expects Q2/23 revenue in the range of $5-5.6B, compared to the consensus estimate of $5.49B.

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