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AMD Stock Falls on Lowered Sales Estimates, Despite Q3 Beat

Shares of Advanced Micro Devices (AMD - Get Report) were sinking in extended-hours trading on Tuesday after the chipmaker said it expects revenue to decline approximately 15% sequentially, plus or minus 3%.

Despite the lowered outlook, AMD reported stronger-than-expected third-quarter financial results following the market close.

For the quarter, AMD reported adjusted earnings of 10 cents per share on revenue of $1.64 billion. Analysts were expecting adjusted earnings of 8 cents per share on revenue of $1.51 million.

Shares of the semiconductor were higher over 25% year-to-date coming into the report.

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