If you’ve been following along with market data for companies like AMD and Intel (INTC), you might’ve noticed that AMD recently surpassed Intel in market capitalization. Currently, AMD sits at $168 billion while Intel trails behind at $146 billion according to Google and Yahoo Finance.
The trend in AMD’s upward momentum with Intel lagging behind follows recent earnings reports where AMD’s Q2 2022 earnings were up $6.55 billion in revenue, or 70 percent year-over-year. Meanwhile, Intel’s stock dropped 11 percent following the company’s less than stellar Q2 2022 earnings results in which the company lowered its full-year expectations, with revenue declining 22 percent year-over-year.
Other areas where AMD has seen success include its gaming segment with revenue growing by $1.7 billion, or 32 percent. While this figure was partially offset by a decline in gaming graphics revenue, it was nevertheless bolstered by “higher semi-custom product sales.” Client segment revenue was also up, hitting $2.2 billion (25 percent year-over-year) driven largely by Ryzen mobile processor sales.
On the other end, Intel failed to meet expectations and cites things such as a decline in economic activity as being among the driving factors behind its disappointing quarterly results.
In an interview with CNBC, Intel’s finance chief had also proclaimed that “we do think we’re on the bottom.” With that being said, Intel is also looking at potential improvement in the fourth quarter due to factors such as price increases.
For more on this, be sure to read through our previous coverage where we go over how Intel (INTC) stock dropped 11 percent following lowered revenue and earnings guidance. You can also catch up on how AMD is doing by reading through our report on AMD’s Q2 2022 earnings results beating revenue expectations.