Updated Aug. 4, 2022 8:32 am ET / Original Aug. 3, 2022 1:22 pm ET
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Wall Street is telling investors to buy Advanced Micro Devices shares any time they fall. Analysts believe the chip maker’s second-quarter financial results show increasing long-term value despite the current difficulties in the personal-computer market.
On Tuesday, AMD (ticker: AMD ) reported better-than-expected earnings, but forecast slightly less revenue than analysts estimated for the September quarter, citing rapidly deteriorating demand for computers. On a conference call to discuss the earnings, management reduced its forecast for sales across the PC industry, saying it now expects the market to shrink by a percentage in the “mid teens” percent this year, versus its prior estimate of a“high-single digit” decline.