Advanced Micro Devices forecasts revenue decline as shares tumble in after hours trading
Advanced Micro Devices forecast a slight revenue decline for the current quarter and its shares fell roughly 8 percent as investors weighed China sales.
Insights:
Advanced Micro Devices, Inc. projected a slight decline in its quarterly revenue on Tuesday, forecasting approximately $9.8 billion plus or minus $300 million for the current period. Following the announcement, shares of Advanced Micro Devices, Inc.dropped about 8% in after-hours trading as investors processed the outlook. This forecast comes despite the company reporting fourth-quarter revenue of $10.27 billion, which was up 34% year-on-year and surpassed LSEG estimates of $9.67 billion.
