AMD stock slides as earnings, outlook meet expectations; analysts remain bullish

) saw its shares plunge 5.5% in premarket trading Wednesday after the chipmaking giant posted in-line earnings per share for the fiscal Q1 2024.

Looking forward, AMD anticipates second-quarter 2024 revenue to range between $5.4 billion and $6 billion, compared to a consensus projection of $5.7 billion. The company estimates the midpoint of this range to reflect a year-over-year increase of about 6% and a sequential rise of roughly 4%.Further, the company adjusted the 2024 revenue outlook for its Data Center GPU segment to $4 billion, from $3.5 billion.

Goldman Sachs reiterated a Buy rating on the stock while trimming the 12-month target price from $180 to $175. "We believe that this dynamic bodes well for ongoing traction for AMD as its AI compute roadmap progresses. Importantly, AMD noted that customer feedback is informing roadmap decisions for both AI hardware and software," Stifel noted.​Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

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AMD's data center business grew 80% but the stock is downAMD sells AI chips that compete with Nvidia, but it makes most of its money from PC chips.
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