Earnings: Advanced Micro Devices (AMD) Q3 profit drops; revenue up 29%

Semiconductor company Advanced Micro Devices, Inc. (NASDAQ: AMD) reported a decline in third-quarter earnings, despite an increase in revenues. The latest numbers missed the market’s expectations.

Earnings, excluding special items, dropped to $0.67 per share in the most recent quarter from $0.73 per share in the third quarter of 2021 and also fell short of estimates. Net income, on a reported basis, was $66 million or $0.04 per share, compared to $923 million or $0.75 per share in the prior-year period.

Check this space to read management/analysts’ comments on AMD’s Q3 2022 results

Third-quarter revenues climbed to $5.57 billion from $4.31 billion in the corresponding period of last year. The top line, however, missed Wall Street’s prediction.

“Despite the challenging macro environment, we grew revenue 29% year-over-year driven by increased sales of our data center, embedded, and game console products. We are confident that our leadership product portfolio, strong balance sheet, and ongoing growth opportunities in our data center and embedded businesses position us well to navigate the current market dynamics,” said AMD’s CEO Lisa Su.