Market Updates
AMD Net Income Plunges 37% Despite Record Quarterly Revenues
Scott Peters
03 Aug, 2022
New York City
Advanced Micro Devices, Inc fell 3.2% to $96.17 after the semiconductor chipmaker said revenues in the second quarter increased 70% to $6.55 billion and gross margin declined to 46% from 48% a year ago.
Net income in the second quarter decreased 37% to $447 million from $710 million a year ago and diluted earnings per share fell 53% to 27 cents from 58 cents in the period.
AMD reported eighth record quarterly revenues in a row.
For the third quarter, AMD expects revenues to rise 55% from a year ago to $6.7 billion with a band of $200 million.
For the full-year revenues are expected to rise 60% to $26.3 billion with a band of $300 million.
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