Advanced Micro Devices (AMD) is showing big signs of life.
For one, it’s just starting to pivot from its 52-week low, oversold on RSI, MACD, and Williams’ %R. From here, we’d like to see the stock challenge $125 again, near-term.
Two, the tech company just blew earnings out of the water.
EPS came in at an adjusted $1.11, as compared to estimates for 91 cents – a year over year jump of 117%. Revenue was up 71% to $5.89 billion, which was also above expectations for $5.52 billion. As for the current quarter, AMD said it expects $6.5 billion in sales, which is also above expectations for $6.38 billion.
“Although the PC market is experiencing some softness coming off multiple quarters of near-record unit shipments, our focus remains on the premium, gaming and commercial portions of the market where we see strong growth opportunities and expect to continue gaining overall client revenue share,” AMD CEO Lisa Su said, as quoted by CNBC, adding that AMD believes that it has gained market share in PC chips for eight straight quarters.
In short, weakness may be opportunity in AMD moving forward.
Also, the pullback in 2022 may have been unjustified. Keep an eye on it.