AMD Shares Drop Over 6% as Revenue Outlook Misses Expectations Amid AI Growth Plans
• AMD gave weak revenue forecast of $5.4 billion for Q1 2023, missing expectations of $5.77 billion • Blamed slow demand in core markets like PCs, servers, game consoles and data centers • Predicted AI chip revenue to exceed $3.5 billion in 2024, up from $2 billion, but below projections • Stock fell over 6% in after-hours trading on disappointing outlook amid AI expansion • Q4 earnings matched estimates at $0.77 per share excluding items, revenue hit $6.17 billion