AMD revenue forecast disappoints on weak console demand
(Reuters) - Advanced Micro Devices Inc forecast current-quarter revenue below analysts' estimates on Tuesday, as demand wanes from console makers ahead of new launches. Shares of the company fell 3% in extended trading. Analysts had warned that the company would make lesser money from gaming consoles in the first half of 2020, given inventory is drawn down ahead of launches by Sony and Microsoft during the rest of the year
(Reuters) - Advanced Micro Devices Inc
Shares of the company fell 3% in extended trading.
Analysts had warned that the company would make lesser money from gaming consoles in the first half of 2020, given inventory is drawn down ahead of launches by Sony <6758.T> and Microsoft
AMD projected first-quarter revenue to be about $1.8 billion (1.4 billion pounds) plus or minus $50 million, compared to analysts' average estimate of $1.86 billion, according to IBES data from Refinitiv.
In the fourth-quarter, sales in its enterprise, embedded and semi-custom segment, which houses chips used in consoles, rose 7% to $465 million, but missed FactSet estimates of $603.8 million.
The disappointing forecast overshadowed strong demand in its computing and graphics segment.
Sales at AMD's computing and graphics segment, which includes graphic chip sales to data centers, surged 69% to $1.66 billion, beating analysts' estimate of $1.5 billion, according to market research firm FactSet.
Revenue rose to $2.13 billion from $1.42 billion, beating analysts' estimates of $2.11 billion, according to IBES data from Refinitiv.
Excluding items, the company earned 32 cents per share, beating estimates of 31 cents.
(Reporting by Amal S in Bengaluru; Editing by Sriraj Kalluvila)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Stephen Nellis (Reuters) -Apple Inc on Monday said it will offer the ability to store state-issued identification cards digitally on iPhones and that it is working with the U.S. Transportation Security Administration to accept the digital IDs at airports, one of several updates to the software that runs on its devices. It also showed updates to its FaceTime video chat app, adding the ability to schedule calls with multiple attendees and making the software compatible with Android and Windows devices.
LONDON (Reuters) - The bosses of all airlines flying passenger services between Britain and the United States called on Monday for the countries' governments to relax COVID-19 restrictions to reopen travel routes between the two countries. After more than a year of restrictions, the CEOs of American Airlines, IAG unit British Airways, Delta Air Lines, United Airlines and JetBlue Airways Corp said high vaccination rates in both countries meant travel could restart safely. The push for reopening trans-Atlantic routes on Monday comes ahead of meetings between U.S.
BRUSSELS (Reuters) - The European Union's patience towards Britain over Brexit arrangements in Northern Ireland is wearing thin and the bloc will consider its options should Britain continue its "confrontational path", an EU official said on Monday.