The semiconductor company reported earnings of 2 cents a share, a penny less than the estimate of 3 cents a share from analysts polled by Thomson Reuters. The company reported $1.44 billion in revenue, in line with the consensus estimate.
AMD also issued guidance of 2% sequential revenue growth for the third quarter, which came up well short of the 9% expectation.
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The stock was down 1.57% to $3.77 at 9:48 a.m.
Separately, TheStreet Ratings team rates ADVANCED MICRO DEVICES as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ADVANCED MICRO DEVICES (AMD) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including relatively poor performance when compared with the S&P 500 during the past year and generally higher debt management risk."