Shares of Advanced Micro Devices (AMD) - Get Report  fell after the semiconductor maker posted revenue that slightly missed estimates, inline earnings and mixed guidance. 

The stock fell in after-hours trading Tuesday, and was down 1.6% to $32.50 in pre-market trading on Wednesday.

For the quarter, adjusted earnings per share came in at 18 cents, in line with Wall Street expectations. Revenue was $1.8 billion, just below analyst's estimates of $1.809 billion. Computing and Graphics revenue, the company's largest segment, was $1.28 billion, beating estimates of $1.127 billion and rising 36%. Enterprise Embedded and Semi-Custom revenue was $525 million, down 27% and missing estimates of $695 million. 

"High expectations appear to be sparking some profit-taking," said Eric Jhonsa, ThesStreet's tech columnist. "Soft console processor demand is clearly a headwind for AMD in the near-term, ahead of next year's console launches. But its PC and server CPU businesses are both doing quite well."

For the quarter, gross margin was 43%, better than the 40% in the year-ago quarter and in line with Wall Street's estimate. 

"Our first full quarter of 7 nanometer Ryzen, Radeon and EPYC processor sales drove our highest quarterly revenue since 2005, our highest quarterly gross margin since 2012 and a significant increase in net income year-over-year," said Dr. Lisa Su, AMD president and CEO in a press release. 

The company guided for revenue of $2.1 billion in the fourth quarter, plus or minus $50 million, missing analysts estimates of $2.149 billion. "The year-over-year and sequential increases are expected to be driven by an increase in Ryzen, EPYC and Radeon product sales," management said. The company is guiding for a quarterly gross margin of 44%, better than the expected 43%. 

The stock was up 75% for the year heading into earnings. 

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