AMD sees lower Q3 revenue as PC market slump worse than expected
(Reuters) – Chipmaker Advanced Micro Devices Inc on Thursday provided third-quarter revenue estimates that fell well short of its previous forecast, citing lower-than-expected demand and significant inventory corrections across the personal computer market supply chain.
The company’s shares fell 2.5% in after-market trading, dragging those of peers Nvidia Corp and Intel Corp.
“The PC market weakened significantly in the quarter,” Chief Executive Officer Lisa Su said in a statement.
The company said it expects third-quarter revenue of about $5.6 billion. That compares with its forecast in August of $6.7 billion, plus or minus $200 million.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Sriraj Kalluvila)
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