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Business

AMD's gain before pain – WSJ




  Timing by AMD's Miss could not be worse. Technical stocks have been on track with the broader market throughout the month.

The time of AMD's miss could not be worse. Technical stocks have been on track with the broader market throughout the month.


Photo:

Richard James Mendoza / NurPhoto / Zuma Press

Advanced micro devices


AMD -9.17%

picked a terrible day to deliver bad news.

Shares of chip maker, also known as AMD, were broken after the third quarter results. Revenues increased by 4% the following year, which was a noticeable decline from double-digit gains over the past five periods, and short of $ 1.7 billion expected by analysts. AMD's forecast of $ 1.45 billion in revenue in the fourth quarter was also about 9% shy of analysts' estimates.

The main culprit was fading sales of graphics processors to cryptocurrency miners, which have cooled their activity significantly as the value of the currencies has declined this year. AMD had already warned that sales would be weak in the quarter, and rival Nvidia later took the crypto demand completely out of its own forecasts. The time of AMD's miss could not be worse. Technical stocks have been on track with the broader market throughout the month, which deteriorated with another sharp sales department on Wednesday. AMD fell 9% in the regular session and threw another 22% after hours after the report.

That puts AMD back to where it was in July – before it became clear that Intel's problems with its next production process would give AMD a valuable opportunity to share in the lucrative market for data center processors. This possibility still exists; AMD said Wednesday that it expects to have double digit market share in data centers next year when the new chips start shipping. Intel's current production constraints also seem to help AMD's sales of PC processors. The company noted that operating margin in graphics and computing department increased to almost 10.7% in the last quarter, compared with 8.7% in the same period last year due to strong demand for its Ryzen chips in desktops and laptops.

Investors, however, have not purchased AMD for exposure to slow-growth PC business. The data center potential gains surprise investors and triggered a rally on AMD's stock that effectively doubled the company's market value in just two months. It was exaggerated – as it was the harsh reaction to Wednesday's results.

AMD still makes the right efforts. Wednesday sales allow investors to enter these games, provided they have patience to allow these games to pay off.

Write to Dan Gallagher at dan.gallagher@wsj.com



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