2 November 2022
If you are covering AMD’s latest financial results, please find below a comment from Ben Barringer, equity research analyst at Quilter Cheviot:
“Following a warning one month ago AMD, reported slightly better than expected numbers for the third quarter. Revenues were up 29%, but within this PCs were down 40%, while data centre/cloud was up 45%.
“AMD also supplies the processors that go into the Microsoft Xbox and Sony PlayStation 5 and these are still seeing tight supply going into the Christmas period. Guidance for Q4 and 2022 has been reset given the volatility in the PC market however AMD should still grow 43% this year.
“We still expect AMD to continue to take market share from Intel in data centre and PC. The key driver for the company will be cloud CapEx growth which remains solid following last week’s reports from Amazon, Microsoft and Google.
“So far AMD has not seen any impact from the China restrictions on its business but like all semiconductor companies is keeping a very close eye on future restrictions.”
