Advanced Micro Devices

AMD Q3 Earnings: Stock Against the Ropes as Tech Stocks Plummet

By:Thomas Westwater

Advanced Micro Devices is set to report Q3 earnings Oct. 31. What can investors expect?

  • AMD to report earnings Oct. 31, after the market closes.
  • Analysts expect EPS of $0.68 on $5.7 billion in revenue.
  • A high IV rank offers traders plenty of opportunity.

Advanced Micro Devices, Inc. (AMD) is set to report fiscal third-quarter earnings on Tuesday, Oct. 31 after the market closes.

Analysts expect earnings per share (EPS) to cross the wires at $0.68 adjusted and $0.28 on a GAAP basis. Revenue is seen at $5.71 billion, with an operating profit of $1.27 billion. AMD beat EPS estimates in eight out of the last eight quarters, and revenue estimates in seven of the last eight quarters.

AMD is down over 8% in October following declines in September and August. That compares to a 3.6% drop in the Nasdaq 100 (/NQ) this month. Much of AMD’s weakness this month has come over just the past several days amid a broader selloff in equities.

Earlier this week, Reuters reported that AMD is planning to produce chips using technology from Arm Holdings. (ARM), citing two sources familiar with the development. However, that hasn’t had any noticeable impact on the stock price. For now, it appears AMD is at the whims of broader risk sentiment.

Bad news for the sector started earlier this week when Texas Instruments (TXN) reported earnings and issued some gloomy guidance. AMD may also guide earnings lower, which would be a big negative for the stock price. Overall, the numbers and guidance will have to impress to keep the stock price afloat amid a broader tech selloff.

Trading AMD earnings

As of Thursday, AMD was trading with an implied volatility rank (IVR) of 68.3. The Nov, 3 expiration is the nearest post-earnings expiry and offers some chunky premium, giving traders who are looking to sell premium some juicy choices.

AMD technical outlook

AMD recently broke below its 200-day simple moving average (SMA) to trade at a trendline in place from February. While the break below the SMA already put the stock in a disadvantaged position, a break below the trendline could crucify prices and send the stock lower.


Thomas Westwater, a tastylive financial writer and analyst, has eight years of markets and trading experience. @fxwestwater

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