TLDR
- AMD reports Q3 results after the bell Tuesday, November 3
- Analysts expect EPS of $1.97 on revenue of about $13 billion
- Data Center sales are forecast to jump 88% to $8.19 billion
- Gaming revenue is seen falling 49% to $655 million
- Intel’s weak Q4 outlook has put PC demand in focus
AMD (AMD) stock closed at $466.84 on Monday, down $37.96 or 7.52%. It was up 2.37% in pre-market trading at $477.90.
Advanced Micro Devices, Inc., AMD
The chipmaker reports third quarter results after the bell Tuesday. Wall Street wants a fresh look at AI chip demand.
The report lands after a rough week for the AI trade. Intel (INTC) gave a weak outlook last Thursday.
Intel beat Q3 earnings estimates but guided Q4 revenue to $15 billion to $16 billion. Analysts had expected about $17 billion.
Intel stock fell nearly 29% on the news. The company blamed a bigger drop in the PC market than it had planned for.
PC demand faces two problems. Last year’s Windows 10 end of support pushed firms to buy new machines, which makes this year’s comparison hard.
PC prices have also kept climbing, which cuts into demand. AMD earns most of its revenue from data centers, but weak PC sales could still hurt.
What Wall Street Expects
Bloomberg consensus calls for EPS of $1.97 on revenue of $13 billion. A year ago, AMD posted EPS of $1.20 on revenue of $9.2 billion.
The $13 billion figure matches AMD’s own guidance. That would mean growth of about 41% from last year and 13% from the prior quarter.
Data Center is expected to bring in $8.19 billion. That would be up 88% from $4.34 billion a year earlier.
Data Center revenue more than doubled year over year in the second quarter. CEO Lisa Su said EPYC demand was accelerating and Instinct deployments were growing.
The Client business, which includes PC sales, is set to top $3.06 billion. That is up 11% from last year but flat from the prior quarter.
Gaming could take a hit. Analysts see revenue falling 49% to $655 million.
The memory and storage shortage is pushing up prices for graphics cards and console chips. Higher prices are weighing on demand.
AMD also expanded its partnership with Meta in late October. Last month it announced its Helios reference design, a server rack built around AMD CPUs and GPUs.
What to Watch on the Call
Guidance may matter more than the quarter itself. AMD previously guided for a non-GAAP gross margin of about 56% in Q3.
Investors will look at Q4 revenue guidance and Instinct sales. They will also track EPYC server demand and any sign of PC weakness.
Intel said some of its server products faced supply constraints. That suggests data center demand is still running ahead of supply in parts of the market.
AMD stock-linked perpetual futures, such as AMDUSDT on MEXC, trade outside regular US hours. Those contracts could see sharp moves after the report.
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