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Advanced Micro Devices forecasts revenue above estimates

By Reuters

-Advanced Micro Devices Inc forecast fourth-quarter revenue above market expectations on Tuesday, betting that it would overcome supply chain snarls to meet strong demand for its chips used in PCs, gaming consoles and data center servers.

The company has tried to reduce losses from the supply chain crisis ailing the chip industry by redirecting supplies and zeroing in on selling only its most profitable chips.

It has also eaten into the market share of rivals by offering a new series of chips that outpace those from Intel Corp.

The company said it expected current-quarter revenue of about $4.5 billion, plus or minus $100 million, compared with analysts’ average estimate of $4.25 billion, according to Refinitiv data.

Its revenue for the third quarter of $4.31 billion was also higher than expectations of $4.12 billion.