Chip maker AMD (AMD) reported its Q4 2022 earnings after the bell on Tuesday, beating analysts’ expectations. The report comes just days after rival Intel (INTC) announced disappointing earnings and guidance.
Here are the most important numbers from the report compared to what Wall Street was expecting from the company, as compiled by Bloomberg.
Shares of AMD were up 2.7% immediately following the announcement.
AMD’s earnings come as the broader PC industry deals with a massive slowdown in computer sales following the explosive growth the sector saw during the pandemic.
According to Gartner, Q4 worldwide PC shipments declined a stunning 28.5%, the biggest decline since the firm started following shipments in the mid-1990s. Intel saw similarly poor performance in its Client Computing business revenue falling 36% year-over-year to $6.6 billion from $10.1 billion in Q4 2021.
Microsoft (MSFT), meanwhile, saw its Windows OEM business, which supplies Windows licenses to third-party customers, fall 39% year-over-year in its most recent quarter.
Intel’s Data Center and AI revenue business revenue fell 33% year-over-year.
AMD’s graphics rival Nvidia (NVDA) for its part will report its earnings on Feb. 22.
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Source: https://finance.yahoo.com/news/amd-earnings-poor-pc-sales-expected-to-continue-to-hammer-chip-industry-145136661.html