Chipmaker AMD saw it’s stock drop on Wednesday after releasing its quarterly report on Tuesday.
It wasn’t the third quarter report that had shares hitting the red zone, but the fact that the company is forecasting its first revenue drop in seven quarters. AMD is expecting fourth quarter revenue to fall from 12 to 18%.
AMD CEO Lisa Su also said, “We’re also predicting that there will be some leveling off of some of the cryptocurrency demand.”
Since Intel, a main rival of the company, launched its new line of Coffee Lake processors earlier this month, AMD hasn’t been having the best month.
However for the third quarter, the numbers from the chip maker were strong. Revenue at $1.64 billion represented a growth of 25.7% and also beat analysts’ expectations of $1.51 billion. Excluding items, the company earned 10 cents per share. Wall Street was waiting for 8 cents a share.
The company also saw its graphics and computing business sales grow 73.5% to $819 million.
Su said, “We anticipate seasonal demand to remain healthy as our customers enter the holiday sales cycle with Sony’s PlayStation 4 Pro and Microsoft’s Xbox One X.”
Disclaimer: We have no position in Advanced Micro Devices, Inc. (NASDAQ: AMD) and have not been compensated for this article.