AMD Earnings on Tuesday: A $13.09 Billion Bar After a 10.9% Plunge

Advanced Micro Devices (NASDAQ: AMD) reports third-quarter earnings on Tuesday, November 3, after the U.S. market close, and Wall Street expects earnings of $1.95 per share on revenue of about $13.09 billion. That is a demanding bar: revenue roughly 42% above a year ago, set for a stock that just fell 10.88% on Friday. AMD is now the next big test of whether the AI spending boom is still producing the growth investors have been paying for.

What are analysts expecting from AMD?

The consensus is $1.95 per share in earnings on $13.09 billion of revenue, according to MarketBeat, with TipRanks and FXEmpire publishing near-identical figures. A year ago AMD earned $1.20 per share on $9.25 billion, so the Street is looking for about 63% earnings growth and 42% revenue growth. AMD's own guidance points the same way: the company guided third-quarter revenue to about $13 billion, plus or minus $300 million, with non-GAAP gross margin of about 56%.

Why did AMD stock fall almost 11% on Friday?

AMD closed Friday, October 30 at $504.80, down 10.88%, after Intel's warning about a PC slowdown dragged chip stocks lower, according to FX Leaders. The drop was not about AMD's own numbers — it landed in the middle of a broad technology selloff driven by disappointment with Big Tech earnings and rising questions about the return on massive AI spending. That context cuts both ways heading into Tuesday: expectations for the print itself have not fallen, but the stock's cushion has.

What will decide the reaction?

The Q4 outlook matters most. Consensus for the fourth quarter already sits near $16 billion of revenue, as The Stock Dog's earnings preview notes, so a merely in-line third quarter paired with soft guidance could disappoint, while a guide above that level would answer the week's biggest question. Three things will be scrutinised:

• Data center growth: the segment climbed 107% year over year to $6.7 billion in the second quarter, powered by EPYC server processors and Instinct AI accelerators, according to Barchart. Management guided to strong double-digit growth again.
• Gross margin: holding the guided level of about 56% would reassure investors worried that ramping AI chip shipments squeeze profitability.
• The PC and gaming drag: Intel's warning put client chips in focus. AMD's client segment was about 27% of sales last quarter — far less exposed than Intel — but management has guided gaming revenue to a strong double-digit decline amid high memory prices.

What are analysts saying before the report?

The most visible pre-earnings call came from Susquehanna's Christopher Rolland, who kept a Buy rating and raised his price target to $650 from $620, expecting better results and guidance led by the data center business, with upside from the MI350 and MI450 AI accelerators. He expects data center GPU revenue to reach about $41 billion in 2027. Overall, Wall Street's consensus rating on AMD is Strong Buy, with an average price target of $664.31. AMD also has a recent record to defend: last quarter it earned $1.66 per share against a $1.55 to $1.62 consensus range, on $11.54 billion of revenue.

Why Tuesday is bigger than AMD

AMD does not report in a vacuum. Its results land after the close on U.S. midterm election day, one day after Apple and Palantir report, and in a week that ends with the November 6 jobs report. After a month in which the Nasdaq fell 5.3% and AI-linked stocks shed trillions in value, AMD's data center numbers and outlook will be read as a verdict on the whole AI trade — whether demand for accelerators and server CPUs is still accelerating fast enough to justify the spending behind it. The conference call is scheduled for 5:00 p.m. ET on Tuesday.

FAQ

When does AMD report Q3 2026 earnings?
AMD reports after the U.S. market close on Tuesday, November 3, 2026, with its conference call at 5:00 p.m. ET.

What are AMD's Q3 2026 earnings expectations?
Consensus is $1.95 per share on about $13.09 billion of revenue, up from $1.20 per share on $9.25 billion a year ago. AMD guided revenue to about $13 billion, plus or minus $300 million, at roughly 56% non-GAAP gross margin.

Why did AMD stock fall on Friday?
AMD closed down 10.88% at $504.80 on Friday, October 30, after Intel's PC slowdown warning hit chip stocks during a broader technology selloff over AI spending concerns.

What matters most in AMD's report?
The fourth-quarter outlook. Consensus already expects roughly $16 billion of Q4 revenue, so guidance — along with data center growth and whether gross margin holds near 56% — will drive the reaction more than the third-quarter print alone.

Sources: MarketBeat, TipRanks, FX Leaders, FXEmpire, Barchart and The Stock Dog, linked above. This article reports market expectations and is not investment advice.