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AMD revenue drops 9% as PC chip sales decline sharply


AMD Chair and CEO Dr. Lisa Su delivers a keynote address at CES 2023 at The Venetian Las Vegas on January 04, 2023 in Las Vegas, Nevada.David Becker | Getty ImagesAMD reported better-than-expected revenue and earnings for the first quarter, but the stock dropped 6% in extended trading on Tuesday after the chipmaker issued guidance for the current period that trailed analysts’ estimates.Here’s how the company did versus Refinitiv consensus estimates for the quarter ended in December:EPS: 60 cents per share adjusted vs. 56 cents per share expectedRevenue: $5.35 billion vs. $5.3 billion expectedrelated investing news an hour ago AMD said it expected about $5.3 billion in sales in the current quarter, versus Wall Street estimates of $5.48 billion. AMD CEO Lisa Su said in a statement that the company sees “growth in the second half of the year as the PC and server markets strengthen.”The company’s net loss swung to $139 million, or 9 cents per share, from a net income of $786 million, or 56 cents per share, during the year-earlier period. AMD excludes certain losses on investments and acquisition-related costs from its earnings.Revenue dropped 9% from $5.89 billion a year earlier. The biggest decline came in AMD’s client group, which includes sales from PC processors. AMD reported $739 million in sales in the category, a 65% decrease from $2.1 billion in sales during the same period last year.AMD’s report comes as the PC industry is in a deep slump, with shipmen …

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