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AMD earnings hit the target, but trimmed annual forecast sends stock down

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Advanced Micro Devices Inc. shrank in the extended session Tuesday after the chip company admitted that the COVID-19 pandemic would trim its growth in 2020.

Advanced Micro Devices Inc. shares fell in the extended session Tuesday after the chip company admitted that the COVID-19 pandemic would trim its growth in 2020.

The company, which has not rescinded annual guidance like many others have, decreased its expectations for 2020 sales, and now expects revenue to grow 20% to 30% from 2019, after previously projecting 28% to 30% revenue growth. The company maintained its guidance for adjusted gross margin of 45%. AMD has yet to ease up on its release of new chips this year, with the recent launch of consumer desktop chips in its third-generation Ryzen line, and three new Epyc-branded processors for the database, commercial high-performance computer and hyperconvergence markets.

 

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Sell

Everyone is trimming what do ppl expect? Overreacting per usual.

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