AMD posts record revenue but fails to spark a rally after earnings

Advanced Micro Devices topped revenue and earnings expectations with $11.54 billion in revenue (up 50% year over year) and $1.66 per share, as data-center sales more than doubled and now account for about 58% of total revenue, but guidance of roughly $13 billion for the next quarter and a softer PC market left investors unimpressed. Analysts had hoped for a bigger beat, and the stock slid in premarket trading, underscoring that valuations priced in an outsized beat despite the strong quarter.