Advanced Micro Devices’ quarterly earning report missed analysts’ revenue expectations today (Oct. 24). The company’s stock price is down 21% in after hours trading.
AMD also projected weak revenue growth in the coming quarter.
This dramatic plunge is just another stumble in AMD’s No Good Very Bad Autumn, as the company is down about 40% from its September peak. Previous to September, AMD had seen more than 125 % growth in its stock price, which is still up about 90% for the year.
AMD’s performance in recent months can be explained by reports that Intel had solved a production issue with its next-generation chips, as well as a major sell-off hitting the tech sector.