Advanced Micro Devices, Inc. (NASDAQ:AMD) shares are trading marginally higher by 0.74% to $113.79 Monday afternoon. The stock is experiencing modest strength Monday potentially in sympathy with ON Semiconductor after the company reported strong earnings.
A strong performance from a semiconductor company like ON Semiconductor can boost investor confidence in the broader semiconductor industry.
Investors may interpret ON Semiconductor’s better-than-expected earnings as a sign of overall market strength, leading them to be more optimistic about AMD and the sector at large.
What Happened With Earnings?
ON Semi achieved flat revenue growth year-on-year, reaching $2.09 billion, surpassing the consensus estimate of $2.02 billion. Additionally, non-GAAP EPS was $1.33, exceeding the consensus estimate of $1.21.
The company’s non-GAAP gross margin declined by 230 basis points to 47.4%, and the non-GAAP operating margin decreased by 170 basis points to 32.8%…Read More
According to data from Benzinga Pro, AMD has a 52-week high of $132.83 and a 52-week low of $54.57.
