Advanced Micro Devices, Inc (NASDAQ:AMD) shares are trading lower Friday after Cleveland Research reportedly cut its estimates on the stock.
The research firm slashed AMD’s second and third-quarter estimates.
The chipmaker’s first-quarter results failed to strike a chord with investors earlier in May.
AMD reported first-quarter earnings and revenue that surpassed the muted consensus expectations. Revenue and earnings per share came in at $5.35 billion and $0.60, respectively, ahead of the consensus estimates of $5.30 billion and $0.57 per share.
AMD CFO Jean Hu expressed confidence in the second half of the year as the PC and server markets strengthened and new products ramped up.
Post Q1 results, the analysts flagged the unfavorable mix, as the Data Center segment fell short of expectations while Gaming and Embedded segments fared better.
AMD stock also made it to a hedge fund’s portfolio this week, signifying conviction on the stock.
Rival Nvidia Corp (NASDAQ:NVDA) stock traded lower Friday.
Price Action: AMD shares traded lower by 1.91% at $105.87 on the last check Friday.
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