AMD (AMD) Stock Flat Despite Q3 Beat, Better Than Expected 2021 Outlook
AMD (NASDAQ: AMD) reported its Q3 results, with both EPS of $0.73 and revenue of $4.3 billion beating the consensus estimates of $0.67 and $4.12 billion, respectively.
Lisa Su, the President and CEO of AMD, said that the company had another record quarter with revenue increasing 54% and operating income doubling year-over-year. According to Su, the business significantly grew in 2021, accelerating faster than the market due to the company’s leadership products and consistent execution.
The company provided its Q4 outlook, expecting revenue of $4.4-4.6 billion (vs. Street’s $4.25 billion), which represents approximately 39% year-over-year growth.
For the full 2021-year, the company anticipates revenue to increase around 65% driven by growth across all businesses, compared to the prior guidance of 60%.
Shares are flat after-hours following the results.