AMD will report earnings after the bell on Tuesday.
Wall Street is expecting adjusted earnings of $US0.08 per share on revenue of $US1.507 billion, according to Bloomberg data. Wall Street is also expecting adjusted net income of $US88.517 million.
Ahead of the third-quarter results, Wall Street’s outlook for the company is mixed. Fifteen of the 31 analysts surveyed by Bloomberg rate AMD “neutral,” while 11 rate the company as a “buy” and 5 rate it as a “sell.”
Millennials traders are a bit more bullish. Users of the popular Robinhood app were increasing their positions in the company 20% more often than they were decreasing them ahead of earnings.
AMD’s third-quarter earnings come as the company ramps up its product lines to better compete with competitors Nvidia and Intel. AMD is reportedly working with Tesla to develop a custom self-driving chip for its vehicles which would replace the Nvidia chips Tesla currently uses in its vehicles.
AMD’s Radeon RX Vega series of graphics processing units were introduced early in the quarter and are positioned to compete directly with Nvidia’s series of GPUs.
AMD also introduced its Threadripper series of central processing units to compete with Intel’s mostly dominant hold of the CPU market.
AMD is up 26.08% this year.
This is a developing story, check back for more…