Advanced Micro Devices (NASDAQ:AMD) reports first-quarter (Q1) financial results Tuesday after market close, a report that could put semiconductor stocks in the spotlight.
Here are the earnings estimates, what analysts are saying and key items to watch.
AMD Q1 Earnings Estimates
Analysts expect AMD to report Q1 revenue of $9.88 billion, up from $7.44 billion in last year's Q1, according to data from Benzinga Pro.
The company has beaten analyst estimates for revenue in 14 straight quarters.
Analysts expect AMD to report Q1 earnings per share of $1.24, up from 96 cents per share in last year's Q1.
The company has beaten analyst estimates for earnings per share in five straight quarters and in eight of the last 10 quarters overall. The other two quarters saw AMD report earnings per share in-line with estimates.
What AMD Analysts Are Saying
Strong demand for CPU should lead to a strong quarter for AMD, Wedbush analyst Matt Bryson said in a new investor note.
"We believe AMD should be positioned to beat and guide higher on CPU strength," Bryson said.
The analyst reiterated an Outperform rating and raised the price target from $290 to $400.
Bryson said the quarter could provide more proof that GPU and AI revenue are ramping up. The analyst said AMD's fourth-quarter guidance disappointed after expectations were high for CPU demand.
"We believe AMD should be positioned to exceed the company's Q1 forecast given a combination of server CPU demand strength and a PC supply chain that proved somewhat more robust than we might have expected."
Bryson said AMD margins could be better in Q1.
"AMD's primary growth driver remains not server compute, but rather data center AI/GPU sales."
The analyst said there is not only upside for AMD's server CPU numbers, but increased overall confidence in future growth.
Here are other analyst ratings on AMD stock and their price targets:
- RBC Capital: Maintained Sector Perform rating, raised price target from $230 to $325
- Susquehanna: Maintained Positive rating, raised price target from $300 to $375
- DA Davidson: Upgraded from Neutral to Buy rating, raised price target from $220 to $375
Key Items to Watch
AMD comes into the Q1 earnings report with its stock soaring. In April, AMD stock was up 74%, marking the biggest monthly gain since January 2001.
AMD stock is now up over 240% in the last year.
Q4 revenue was up 34% year-over-year for AMD, with the Data Center segment up 39% year-over-year and Client and Gaming segment up 37% year-over-year.
Investors and analysts will focus on AI and Data Center revenue and commentary to determine whether the recent stock price gains are supported by financials and future revenue.
AMD's earnings report could put the semiconductor sector in the spotlight based on demand, future guidance and comments about the supply chain.
AMD is the largest holding in the Semiconductor Sector Index Fund (NASDAQ:SOXX) at 8.10% of assets. The stock is also the sixth largest holding in the SPDR Sector Select Technology ETF (NYSE:XLK) at 4.30% of assets. A strong reaction by AMD stock after earnings either up or down could put these ETFs in the spotlight.
AMD Stock Price Action
AMD stock is down 4.4% to $344.56 on Monday versus a 52-week trading range of $96.88 to $361.85. AMD stock is up 54.2% year-to-date in 2026.
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