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Advanced Micro Devices Inc. (AMD) - Get Advanced Micro Devices, Inc. Report reported third-quarter results on Tuesday that easily topped analysts' expectations, but even that wasn't good enough for Wall Street. 

Shares of the chipmaker tumbled almost 11% after-hours on Tuesday following the report, and were down 9% to $12.97 to start the day on Wednesday. AMD shares have risen over 118% since Oct. 2016, as the company has benefited from increasing market share and cryptocurrency miners, among other factors. 

The bar was set high this quarter, with AMD needing to a deliver a "near perfect" print, said Susquehanna Financial Group analyst Christopher Rolland. Instead, the company signaled a slowdown in the fourth quarter due to seasonally weaker console processor demand when it guided for revenue to decline 15% sequentially, plus or minus 3%. Adding to those concerns, AMD forecast a gross margin of 35% for the fourth quarter, which was 50 basis points below Rolland's estimate. 

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"We were disappointed by the -15% sequential 4Q17 drop, worse than our -11% estimate, which may indicate a deceleration in the core business as well as a marked slowdown in crypto-related sales (we witnessed a slowing in total GPU compute in October which may weigh here)," said Rolland, who has a Neutral rating and $15 price target on AMD's stock. 

Rolland and Loop Capital analyst Betsy Van Hees also said they were disappointed that AMD didn't disclose how much a one-time patent licensing deal contributed to third quarter sales. That made the "quality of the [third quarter] beat uncertain," Van Hees explained. 

AMD's revenue growth is likely being offset by its need to increase spending to try and compete with its foremost rival Intel Corp. (INTC) - Get Intel Corporation Report , as well as Nvidia Corp. (NVDA) - Get NVIDIA Corporation Report , Van Hees noted. AMD has been locked in fierce competition over market share with Intel in the CPU space and Nvidia in the GPU market, but as the TheStreet's Eric Jhonsa noted, it appears that Intel and Nvidia have managed to hold off AMD for now. 

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