The third quarter‘s performance was weak, and AMD‘s share price fell sharply

Source: Sina Technology

    On the morning of October 8, it was reported that AMD‘s share price fell 13.9% on Friday. The company recently released a disappointing preliminary financial report for the third quarter, which was far lower than the previous forecast.

    AMD cut its sales forecast for the third quarter last Thursday due to the larger than expected decline in the PC market and the supply chain problems. AMD currently expects that the revenue in the third quarter will be about 5.6 billion US dollars, more than 1 billion US dollars lower than the median revenue outlook of 6.7 billion US dollars previously given, mainly because of the "decline in processor shipments". AMD also said that the non US GAAP gross margin is expected to be about 50%, while the previous expectation was close to 54%.

    Several research institutions, including Piper Sandler, Stifel, KeyBanc Capital Markets and Mizuho Securities, lowered AMD‘s target share price in the research report sent to customers on Friday, but still maintained the rating of "buy" or "increase".

    Shares of other chip manufacturers, such as Intel and Nvidia, also fell by more than 5% and 8% respectively. The weakness of PC market demand and supply chain problems also put pressure on these chip companies.

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