Advanced Micro Devices Inc. is due to report third-quarter results Tuesday afternoon, but investors likely are looking far beyond the latest quarter. Artificial intelligence continues to rule the day in the semiconductor industry, but for AMD
AMD,
+0.80%,
AI is more of a 2024 story. In the meantime, Rosenblatt Securities analyst Hans Mosesmann expects the company to post an in-line third quarter, reflecting strength in the data center that helps offset weakness in areas like enterprise and PC gaming.
Opinion: Sluggish EV and traditional car sales could continue next year, based on what these chip makers just said “We expect AMD to strike a bullish posture in all strategic product areas including the new MI300A/X APU/GPU compute accelerators which we see as being much more competitive than [Wall] Street believes,” he wrote, referring to accelerated processing units and graphics processing units. Here’s what else to look out for in AMD’s report.What to expect Earnings: Analysts tracked by FactSet expect AMD to post 68 cents a share in adjusted earnings, up a smidge from 67 cents a share a year before. Revenue: The FactSet consensus calls for $5.7 billion in third-quarter revenue, nearly flat with the year-prior total of $5.6 billion. Stock movement: AMD shares have fallen after four of the company’s past five earnings reports, including the most recent one, when they dropped 7% in the session immediately following the results. The stock is up 50% so far this year, while the S&P 500
SPX
has increased 9%. See also: Wolfspeed’s stock rallies as company notches smaller loss than expectedWhat analysts are saying
“We expect slight upside to [third-quarter results] and [a] largely in-line-with-consensus [fourth-quarter] outlook. We believe PC tracked slightly better and data center tracke …
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SPX
has increased 9%. See also: Wolfspeed’s stock rallies as company notches smaller loss than expectedWhat analysts are saying
“We expect slight upside to [third-quarter results] and [a] largely in-line-with-consensus [fourth-quarter] outlook. We believe PC tracked slightly better and data center tracke …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]