What's Going On With AMD Shares

Advanced Micro Devices, Inc. AMD shares are trading lower by 1.41% to $57.61 Monday afternoon. Shares of semiconductor and chip companies at large are trading lower after the US placed restrictions on exports of certain high-end chips to China.

AMD shares are possibly also trading lower on continued volatility after the company last week lowered its third-quarter sales guidance below analyst estimates during Thursday's after-hours session.

What Happened?

AMD sees preliminary third-quarter revenue of approximately $5.6 billion, lower than the prior outlook of $6.7 billion plus or minus $200 million, primarily due to weaker Client segment revenue.

"The PC market weakened significantly in the quarter," said AMD Chair and CEO Dr. Lisa Su. "While our product portfolio remains very strong, macroeconomic conditions drove lower than expected PC demand and a significant inventory correction across the PC supply chain."

See Also: American Workers Seeing Drop In Real Wages Under Biden Administration: Report

"As we navigate the current market conditions, we are pleased with the performance of our Data Center, Embedded, and Gaming segments and the strength of our diversified business model and balance sheet. We remain focused on delivering our leadership product roadmap and look forward to launching our next-generation 5nm data center and graphics products later this quarter," Su stated.

See Also: US Adds 263,000 Jobs In September As Labor Market Tightens: How Will The Fed Respond?

According to data from Benzinga Pro, AMD has a 52-week high of $164.46. The stock hit a new 52-week low of $56.30 Monday morning.