Shares of Advanced Micro Devices (NASDAQ:AMD) surged in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $0.58, which beat analysts’ consensus estimate of $0.57 per share. Sales decreased by 18.2% year-over-year, with revenue hitting $5.36 billion. This beat analysts’ expectations by $40 million.
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Looking forward, management now expects revenue and adjusted gross margin for Q3 2023 to be $5.4 billion to $6 billion and 51%, respectively. For reference, analysts were expecting $5.85 billion in revenue.
Is AMD a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AMD stock based on 24 Buys, seven Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average price target of $136.36 per share implies 15.95% upside potential.
