AMD delivers a Q4 beat amid industry headwinds, validating the Club investment case

Advanced Micro Devices reported a fourth-quarter earnings beat Tuesday, despite ongoing weakness in the PC market, demonstrating the semiconductor firm has the wherewithal to continue to grow and nab market share. Revenue jumped 16% year-over-year, to $5.599 billion, beating analysts' expectations for $5.5 billion, according to estimates compiled by Refinitiv.

The good news is that this PC nightmare may soon be over, with CEO Lisa Su predicting on the earnings conference call Tuesday that the first quarter of 2023 should mark the bottom for the business, with growth thereafter. We'll have to see it to believe it, but this is the key piece of detail we have been waiting for, given that the freefall of PC sales has been the largest driver of earnings cuts.

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