AMD Earnings Jump 200% But Stock Falls On Sales Outlook
Summary
Chipmaker Advanced Micro Devices (AMD) late Tuesday matched Wall Streets earnings target for the first quarter and beat views on sales. The Santa Clara, Calif.-based company earned an adjusted 18 cents a share on sales of $1.79 billion in the March quarter. She added, "While we expect some uncertainty in the near-term demand environment, our financial foundation is solid and our strong product portfolio positions us well across a diverse set of resilient end markets. Wall Street was modeling AMD earnings of 21 cents a share on sales of $1.92 billion in the June quarter. Analysts say AMD has benefited from strong demand for server processors to run cloud computing data centers as well as increased PC sales during the work-from-home boom sparked by the Covid-19 coronavirus pandemic.
Classifications
AskAI Classifications
LabelsLinked Companies
