Advanced Micro Devices Inc. shares dropped in the extended session Tuesday after the chip maker reported earnings that met expectations, but a revenue outlook that fell below the Wall Street consensus.
AMD AMD, +1.16% shares fell 5.1% after hours, following a 1.2% rise in the regular session to close at $33.87. In comparison, the S&P 500 index SPX, -0.26% declined 0.3%, the tech-heavy Nasdaq Composite Index COMP, -0.24% slipped 0.2%, and the PHLX Semiconductor Index SOX, -0.26% declined 0.3%.
AMD said expects adjusted third revenue of $1.75 billion to $1.85 billion, while analysts had forecast on revenue of $1.94 billion.
The company reported second-quarter net income of $ 35 million, or 3 cents a share, compared with $116 million, or 11 cents a share, in the year-ago period. Adjusted earnings were 8 cents a share.
Revenue declined to $1.53 billion from $1.76 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast earnings of 8 cents a share on revenue of $1.52 billion.
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