$Advanced Micro Devices(AMD)$ dips nearly 8% after guidance misses.
Revenue increased by 18% year-over-year to $6.82 billion, surpassing market expectations of $6.71 billion.
Adjusted EPS: $0.92, in line with market expectations.
Revenue and gross margin slightly misses guidance.
Looking ahead, the company expects Q4 revenue to be approximately $7.5 billion, slightly lower than analyst forecast is $7.55 billion.
Although the company currently anticipates that sales of AI accelerators will exceed $5 billion this year, up from a previous forecast of $4.5 billion, some analysts and investors have been hoping for higher sales figures.
AMD's projected adjusted gross margin for the Q4 is also slightly below market expectations.
In summary, $Advanced Micro Devices(AMD)$ revenue beats but guidance slightly misses. 8% drop is decent after recent rally prompted by AI hype. I guess I would consider AMD at $130.
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