AMD Stock Tanks 10% Despite Record Revenue, Earnings Beat

3-line summary

• AMD reported Q2 revenue of $11.54 billion, up 50% year-over-year, and adjusted EPS of $1.66 versus $1.62 expected, beating estimates on both counts, but shares dropped 8-10% as investors had priced in a bigger beat, according to the report.
• Data center revenue more than doubled year-over-year to 58% of total revenue, while capex rose to $808 million from $282 million a year earlier; AMD guided next-quarter revenue to about $13 billion and warned of a slowing PC market, per the report.

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