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AMD shares slip when revenue forecasts come to light



Advanced Micro Devices Inc. shares fell in the extended session Tuesday after the chip maker reported earnings that met expectations, but a revenue outlook that fell below the Wall Street consensus.

AMD

AMD, + 1.16%

shares fell 5.1% after hours, following a 1.2% increase in the regular session to close at $ 33.87. By comparison, the S&P 500 index

SPX, -0.26%

fell 0.3%, the technical heavy Nasdaq Composite Index

COMP, -0.24%

slipped 0.2% and PHLX Semiconductor Index

SOX, -0.26%

drops 0.3%.

AMD said it expected $ 1.75 billion to $ 1.85 billion, while analysts had forecast $ 1.94 billion in revenue.

The company reported net income for the second quarter of $ 35 million, or 3 cents per share, compared to $ 116 million, or 11 cents per share, in the prior year. Adjusted earnings were 8 cents per share.

Revenue fell to $ 1.53 billion from $ 1.76 billion the year before.

Analysts surveyed by FactSet had projected earnings of 8 cents per share on revenue of $ 1.52 billion.


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