AMD, the manufacturer behind popular PC and gaming hardware, has shared its earnings results for the Q1 2023, which took place over the first few months of the year. In the report, we see that AMD beat revenue and EPS expectations.
The press release for AMD’s Q1 2023 earnings report was shared on the company’s investor relations website. The report reveals that AMD made $5.4 billion in revenue for the quarter, narrowly beating the Wall Street expectation of $5.3 billion. The company’s earnings per share was $0.60, which beat the $0.56 expectation. AMD CEO Lisa Su provided a quote about the latest quarter in the earnings report.
Following the release of AMD’s Q1 2023 earnings report, the company’s stock fell sharply. It reached as low as $86.12 per share after sitting at $89.91 when the markets closed at 4 p.m. ET. While AMD did beat earnings and revenue expectations, its revenue guidance $5.3 billion for Q2 2023 was below consensus expectations of $5.5 billion, and the stock is reacting negatively as a result.
Still, there appeared to be more positive than negative news for AMD in its Q1 2023 earnings report. We’ll be listening closely to the company’s upcoming earnings call to see if any more information is shared. For all of your financial news as it relates to tech and gaming, stick with Shacknews.