Advanced Micro Devices Provides Weak Outlook
<p><a href='https://financialmodelingprep.com/financial-summary/AMD'>Advanced Micro Devices, Inc. (NASDAQ: AMD)</a> reported its Q3 results, with EPS of $0.67 coming in worse than the Street estimate of $0.68. Revenue was $5.6 billion, roughly in line with the Street estimate of $5.62 billion.</p>
<p>For Q4/22, the company expects revenue to be in the range of $5.2-5.8 billion, worse than the Street estimate of $5.85 billion as consumer weakness persists (PC CPUs & Game Consoles).</p>
<p>Analysts at Deutsche Bank provided their views on the results, lowering their price target to $68 from $70 and maintaining their hold rating. Looking ahead, the analysts believe the key investor debate will be if this guide and the resulting Street estimate cuts will provide a sufficiently low bar for a rebound in estimate revisions in 2023. According to the analysts, PC-related reset likely accomplished this goal (albeit with a rebound unlikely in Q1/23), but the Data Center market remains less certain as the company remains well positioned for continued strong market share gains in 2023, but DC end market itself is becoming choppy.</p>

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