AMD (AMD) reported Q3 non-GAAP earnings Tuesday of $0.70 per diluted share, up from $0.67 a year earlier. Analysts polled by Capital IQ expected EPS of $0.68. Net revenue for the quarter ended Sept. 30 was $5.8 billion, up from $5.57 billion a year earlier. Analysts expected $5.69 billion. For Q4, the company said it expects revenue to be about $6.1 billion, plus or minus $300 million. Analysts polled by Capital IQ expect $6.39 billion.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We reduce our 12-month target to $125 from $145, on P/E of 23x our ’25 EPS view, which we start at $5.44, below historical but above peers. We adjust our ’23 EPS estimate to $2.73 from $2.87 and ’24’s to $4.31 from $4.41. AMD posts Q3 EPS of $0.70 vs. $0.67, beating the $0.68 consensus view. Sales rose 4%, slightly ahead of expectations, as growth in Client (+42%) was partly offset by declines in Gaming (-8%) and Embedded (-5%). Data Center was flat. We are encouraged by PC recovery, led by higher Ryzen sales, but note a mildly disappointing Q4 guide on Embedded/Gaming weakness (sales of $6.1B/GM of 51.5% vs. $6.4B/52% consensus). We remain extremely optimistic about AMD’s data center pipeline on both the CPU and GPU

Company Management Jean Hu – EVP, CFO, & Treasurer Lisa Su – Chair & CEO Mitch Haws – Head of IR Conference Call Participants Aaron Rakers – Wells Fargo Blayne Curtis – Barclays Christopher Rolland – Susquehanna Harsh Kumar – Piper Sandler Joseph Moore – Morgan Stanley Mattew Ramsay – TD Cowen Ross Seymore – Deutsche Bank Stacy Rasgon – Bernstein Research Timothy Arcuri – UBS Toshiya Hari – Goldman Sachs Vivek Arya – Bank of America Securities Operator Thank you, Mitch. We will now be conducting a question-and-answer session. [Operator Instructions] And the first question comes from the line of Toshiya Hari with Goldman Sachs. Please proceed with your question. Toshiya Hari Great. Thank you so much. Lisa, I had two questions. My first one is on the Data Center GPU business. You talked about ’24 revenue potentially exceeding $2 billion. I was hoping you could provide a little