After the close today October 6, Advanced Micro Devices (NASDAQ) announced that its preliminary estimate of revenue for the third quarter would be just $5.6 billion. That’s well below Wall Street forecasts of $6.71 billion.
On the news shares of Advanced Micro Devices fell 3.30% in after-hours trading. Nvidia (NVDA) dropped 2.45% in the after-hours market. Intel (INTC) dropped 2.32% after hours.
“The PC market weakened significantly in the quarter,” said CEO Lisa Su in a statement. “While our product portfolio remains very strong, macroeconomic conditions drove lower than expected PC demand and a significant inventory correction across the PC supply chain.”
Su added that AMD’s data center, embedded and gaming segments continued to show strength.
