Advanced Micro Devices (AMD) Inc.’s earnings managed to narrowly edge past analysts’ estimates for the first quarter.
For the quarter ending in March, the semiconductor company’s adjusted earnings came in at 6 cents per share, exceeding the Street consensus estimates by a penny.
Even total revenue, which plunged nearly -23% from the year-ago quarter to $1.27 billion, narrowly beat analysts' expectations of $1.26 billion. AMD blamed the year-over-year revenue decline mainly on “lower graphics channel sales, partially offset by increased client processor and datacenter GPU sales.”
Looking ahead, AMD expects revenue of $1.47 billion to $1.57 billion for the second quarter, in line with analysts’ forecast of $1.51 billion.