After the bell on Tuesday, we received first quarter results from chip company Advanced Micro Devices (AMD). Going into this report, speculation was wild on both sides of the argument after last week's stinker from chip giant Intel (INTC). Bears argued that chips overall were in trouble, while bulls thought AMD was stealing market share. In the end, AMD's results were decent, but the stock's move after the report was very curious.
For the quarter, AMD revenues of $1.27 billion were down 23% over the prior year period, but that number was just ahead of estimates. The drop was expected given the late 2017 / early 2018 cryptocurrency boom which has since gone away, plus weakness in China hurting the overall sector. The computing and graphics segment was the primary loser, seeing its revenues drop 25.5%, while the smaller Enterprise, Embedded, and Semi-Custom segment saw a decline of 17.1%.