Shares of Advanced Micro Devices increased by more than $9, or 5.7%, a day after the company missed earnings expectations. Despite reported earnings per share of 48 cents below the estimated 49 cents, AMD surpassed revenue expectations with $7.69 billion versus $7.42 billion. AI revenue suffered due to U.S. restrictions on MI308 sales to China. Analysts remain optimistic, with firms like Wells Fargo, Deutsche Bank, and JPMorgan raising their price targets significantly, indicating strong confidence in AMD's future growth and competitiveness in the semiconductor market.
A day after posting earnings that missed estimates, Advanced Micro Devices shares rose over $9 a share, or 5.7%.
CEO Lisa Su indicated that AI business revenue declined year over year due to U.S. export restrictions affecting MI308 sales to China.
Despite missing EPS estimates, AMD reported a revenue of $7.69 billion, surpassing the projected $7.42 billion.
Wells Fargo, Deutsche Bank, JPMorgan, and other analysts maintained positive ratings and increased their price targets for AMD, reflecting bullish sentiment.
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