AMD stock drops despite steady second-quarter earnings report

Yahoo Finance tech reporter Dan Howley details AMD's stock performance amid an even second-quarter earnings report.

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- Well, American multinational semiconductor company, AMD, also reported its second quarter earnings after hours today. Now, they beat analyst estimates on the top and bottom line. Yahoo Finance's Dan Howley has those numbers for us. Hi, Dan. What are we watching?

DAN HOWLEY: That's right, [? Rochelle. ?] They did beat on the top and bottom line. They came in with $6.55 billion in revenue. That's beating out the expectations by a hair of $6.53 billion. They also had earnings per share of $1.05. That's better than the $1.03 that we had seen.

But we're starting to see some downward movement in that stock price. Right now it's down more than 4%-- just about 4% at this point. And that could be tied to the revenues forecast for Q3. Analysts were looking for anywhere between $6.5 billion and $6.9 billion.

The company said that they're looking at around $6.8 billion. Sorry, the estimate was for $6.8 billion. So, you know, kind of hitting the midpoint of that range that AMD had laid out. They're also saying that adjusted gross margin should be around 54% for that.

And we're just looking at Nvidia right now. That's also down 1.4%, 1.2% on that news. Surprisingly for a minute, Intel is up at the moment. So seeing these kind of stocks look at what's going on and kind of reacting to what's happening with AMD, which is down at the moment.

- OK, Dan, I think a lot of it has to do with that guidance for the third quarter, the sales forecast lagging the midpoint there. Expecting to see $6.5 or $6.9 billion. That's [INAUDIBLE], like you said, $6.8 billion. And we're seeing that reflected in some of its other competitors as well. All right, Dan. Thanks so much.