AMD now -3.7% AH following its Q2 report. The chipmaker is guiding for Q3 revenue to be up...


AMD now -3.7% AH following its Q2 report. The chipmaker is guiding for Q3 revenue to be up 19%-25% Q/Q (no doubt thanks to the Xbox One/PS4 ramps). That spells a range of $1.38B-$1.45B, well above a $1.22B consensus. But expectations have risen over the last 3 months. CPU division sales +12% Q/Q and -20% Y/Y (-38% in Q1). Q/Q growth due to higher PC/server unit shipments, offsetting an ASP drop. Y/Y drop due to PC weakness, lower ASPs, and share loss. GPU division -5% Q/Q and -13% Y/Y (-12% prior); ASPs fell Q/Q and Y/Y. Thanks to restructuring, R&D spend -11% Y/Y to $308M, and SG&A -19% to $171M. Cash/investment balance -$100M Q/Q to $1.1B. (PR) (CFO comments)
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