AMD: Great Results, But One Major Issue Remains_老虎社区_美港股上老虎

AMD: Great Results, But One Major Issue Remains

Seeking Alpha2021-10-28

Summary Company beats estimates and provides solid guidance. Impressive growth set to continue for some time. If you believe deal will go through, buy Xilinx instead. Vertigo3d/E+ via Getty Images ...

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KyawGyee
·2021-10-28
The key point is “if you believe”. I bought a few XLNX at 152 to gamble. Just the amount I am comfortable to lose. If merger is rejected bySAMR, I will be holding bag.
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- pekss:
  Good strategy!
  2021-10-28
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JamesPang
·2021-10-28
Please like and comment
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2
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- JamesPang:
  thanks
  2021-10-29
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- JamesPang:
  thanks
  2021-10-29
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- YH17:
  ok
  2021-10-28
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W00dy
·2021-10-28
Like pls, thanks
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- cozyli:
  done pls like back. thks
  2021-10-28
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kerukel88
·2021-10-28
Ok
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- kerukel88:
  Ok
  2021-10-28
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SirBahamut
·2021-10-28
Solid performance
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growthismyc
·2021-10-28
Nice
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- growthismyc:
  Nice
  2021-10-28
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Ckee
·2021-10-28
Nice stock
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- Ckee:
  Hiii
  2021-10-28
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Proximus
·2021-10-28
Will be hitting resistance soon. This is one of the semi-con stocks to keep for long time.Expect another run up when merger with XLNX completes!
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- MoneyCub:
  Agreed. Good counTer.
  2021-10-28
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Edwardtoh
·2021-10-28
Good
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shamtu
·2021-10-28
Like
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- CCHH:
  done
  2021-10-28
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Elfreid
·2021-10-28
Like
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Deonc
·2021-10-28
Please like and comment
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- Deonc:
  Thanks
  2021-10-28
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- Deonc:
  Done,thanks
  2021-10-28
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- cozyli:
  done pls like back. thks
  2021-10-28
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McGreedy
·2021-10-28
Like and comment pls
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- shamtu:
  done
  2021-10-28
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Rolliopan
·2021-10-28
Ok
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- McGreedy:
  ok
  2021-10-28
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boonhong21
·2021-10-28
Like
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Ly99
·2021-10-28
Like pls
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- cozyli:
  done pls like back. thks
  2021-10-28
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DanielleKuek
·2021-10-28
👍👍
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HR88
·2021-10-28
Like and comment pls
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- cozyli:
  done pls like back. thks
  2021-10-28
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Raz
·2021-10-28
Nice
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- Ly99:
  Like pls
  2021-10-28
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- LMC90:
  👍
  2021-10-28
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- HR88:
  .
  2021-10-28
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tinacheekyle
·2021-10-28
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- Tchua:
  Time to long Intel though
  2021-10-28
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- Raz:
  Ok
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As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":855706703,"gmtCreate":1635396998024,"gmtModify":1635408510779,"author":{"id":"4090595486982830","authorId":"4090595486982830","name":"KyawGyee","avatar":"https://static.tigerbbs.com/fdcba8de8d5ea791b5d78858d5e024b4","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"4090595486982830","idStr":"4090595486982830"},"htmlText":"The key point is “if you believe”. I bought a few XLNX at 152 to gamble. Just the amount I am comfortable to lose. If merger is rejected bySAMR, I will be holding bag.&nbsp;","listText":"The key point is “if you believe”. I bought a few XLNX at 152 to gamble. Just the amount I am comfortable to lose. If merger is rejected bySAMR, I will be holding bag.&nbsp;","text":"The key point is “if you believe”. I bought a few XLNX at 152 to gamble. Just the amount I am comfortable to lose. If merger is rejected bySAMR, I will be holding bag.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855706703","repostId":1126125470,"repostType":2,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6355513,"gmtCreate":1635401855429,"gmtModify":1635401855547,"authorId":3581636635898281,"author":{"id":3581636635898281,"idStr":"3581636635898281","authorId":3581636635898281,"name":"pekss","avatar":"https://static.tigerbbs.com/7dfef98c44b3810cffef7f3eb78524ba","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855706703,"type":1,"supId":0,"prevId":0,"content":"Good strategy!","text":"Good strategy!","html":"Good strategy!"}],"langContent":"CN"},{"id":855706489,"gmtCreate":1635396982158,"gmtModify":1635396982304,"author":{"id":"3571697757751706","authorId":"3571697757751706","name":"JamesPang","avatar":"https://static.tigerbbs.com/7be8c64b1475bb8d5afdfd812323bd46","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3571697757751706","idStr":"3571697757751706"},"htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/855706489","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6366140,"gmtCreate":1635471876600,"gmtModify":1635471876703,"authorId":3571697757751706,"author":{"id":3571697757751706,"idStr":"3571697757751706","authorId":3571697757751706,"name":"JamesPang","avatar":"https://static.tigerbbs.com/7be8c64b1475bb8d5afdfd812323bd46","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855706489,"type":1,"supId":6354999,"prevId":0,"content":"thanks","text":"thanks","html":"thanks"},{"id":6366135,"gmtCreate":1635471857600,"gmtModify":1635471857633,"authorId":3571697757751706,"author":{"id":3571697757751706,"idStr":"3571697757751706","authorId":3571697757751706,"name":"JamesPang","avatar":"https://static.tigerbbs.com/7be8c64b1475bb8d5afdfd812323bd46","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855706489,"type":1,"supId":6355069,"prevId":0,"content":"thanks","text":"thanks","html":"thanks"},{"id":6355069,"gmtCreate":1635397931439,"gmtModify":1635397931558,"authorId":3574221145623189,"author":{"id":3574221145623189,"idStr":"3574221145623189","authorId":3574221145623189,"name":"YH17","avatar":"https://static.tigerbbs.com/f600caf80ccbe52f6a8d46d71da20f19","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855706489,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"},{"id":6354999,"gmtCreate":1635397377433,"gmtModify":1635397377535,"authorId":3574167470846346,"author":{"id":3574167470846346,"idStr":"3574167470846346","authorId":3574167470846346,"name":"cozyli","avatar":"https://static.tigerbbs.com/509ef7c09d0624801748249c5a3e0117","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855706489,"type":1,"supId":0,"prevId":0,"content":"done pls like back. thks","text":"done pls like back. thks","html":"done pls like back. thks"}],"langContent":"CN"},{"id":855709271,"gmtCreate":1635396492239,"gmtModify":1635396492417,"author":{"id":"4089162592476240","authorId":"4089162592476240","name":"W00dy","avatar":"https://static.tigerbbs.com/e321bf45dd05336a6b9f1c27eb0ecde8","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4089162592476240","idStr":"4089162592476240"},"htmlText":"Like pls, thanks","listText":"Like pls, thanks","text":"Like pls, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855709271","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6355000,"gmtCreate":1635397385527,"gmtModify":1635397385673,"authorId":3574167470846346,"author":{"id":3574167470846346,"idStr":"3574167470846346","authorId":3574167470846346,"name":"cozyli","avatar":"https://static.tigerbbs.com/509ef7c09d0624801748249c5a3e0117","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855709271,"type":1,"supId":0,"prevId":0,"content":"done pls like back. thks","text":"done pls like back. thks","html":"done pls like back. thks"}],"langContent":"CN"},{"id":855475400,"gmtCreate":1635396203522,"gmtModify":1635396203625,"author":{"id":"3580376639553291","authorId":"3580376639553291","name":"kerukel88","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3580376639553291","idStr":"3580376639553291"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855475400","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6354837,"gmtCreate":1635396211563,"gmtModify":1635396211654,"authorId":3580376639553291,"author":{"id":3580376639553291,"idStr":"3580376639553291","authorId":3580376639553291,"name":"kerukel88","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855475400,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"CN"},{"id":855471768,"gmtCreate":1635395771900,"gmtModify":1635395771998,"author":{"id":"3581734227956830","authorId":"3581734227956830","name":"SirBahamut","avatar":"https://static.tigerbbs.com/98035de918c1759870078e69640b8281","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3581734227956830","idStr":"3581734227956830"},"htmlText":"Solid performance&nbsp;","listText":"Solid performance&nbsp;","text":"Solid performance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855471768","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":855444705,"gmtCreate":1635395242748,"gmtModify":1635395242862,"author":{"id":"4089098516459020","authorId":"4089098516459020","name":"growthismyc","avatar":"https://static.tigerbbs.com/96193d429f8fce6c3efe708d065b781d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4089098516459020","idStr":"4089098516459020"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855444705","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6354716,"gmtCreate":1635395247678,"gmtModify":1635395247773,"authorId":4089098516459020,"author":{"id":4089098516459020,"idStr":"4089098516459020","authorId":4089098516459020,"name":"growthismyc","avatar":"https://static.tigerbbs.com/96193d429f8fce6c3efe708d065b781d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855444705,"type":1,"supId":0,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"}],"langContent":"CN"},{"id":855445462,"gmtCreate":1635395187011,"gmtModify":1635395187121,"author":{"id":"3579468869888881","authorId":"3579468869888881","name":"Ckee","avatar":"https://static.tigerbbs.com/59c83eb3fca0be8276df2d1f268e7e7e","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3579468869888881","idStr":"3579468869888881"},"htmlText":"Nice stock&nbsp;","listText":"Nice stock&nbsp;","text":"Nice stock","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855445462","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6354708,"gmtCreate":1635395192478,"gmtModify":1635395192513,"authorId":3579468869888881,"author":{"id":3579468869888881,"idStr":"3579468869888881","authorId":3579468869888881,"name":"Ckee","avatar":"https://static.tigerbbs.com/59c83eb3fca0be8276df2d1f268e7e7e","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855445462,"type":1,"supId":0,"prevId":0,"content":"Hiii ","text":"Hiii ","html":"Hiii "}],"langContent":"CN"},{"id":855445245,"gmtCreate":1635395155640,"gmtModify":1635408529572,"author":{"id":"4096938302974550","authorId":"4096938302974550","name":"Proximus","avatar":"https://static.tigerbbs.com/3d7967c7f00125b6698d201fecae065e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4096938302974550","idStr":"4096938302974550"},"htmlText":"Will be hitting resistance soon. This is one of the semi-con stocks to keep for long time.Expect another run up when merger with XLNX completes!","listText":"Will be hitting resistance soon. This is one of the semi-con stocks to keep for long time.Expect another run up when merger with XLNX completes!","text":"Will be hitting resistance soon. This is one of the semi-con stocks to keep for long time.Expect another run up when merger with XLNX completes!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855445245","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6354741,"gmtCreate":1635395392826,"gmtModify":1635395392926,"authorId":3559862059870297,"author":{"id":3559862059870297,"idStr":"3559862059870297","authorId":3559862059870297,"name":"MoneyCub","avatar":"https://static.tigerbbs.com/1f4ae708d214afbc1b0b1f68ecc65c7e","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855445245,"type":1,"supId":0,"prevId":0,"content":"Agreed. Good counTer. ","text":"Agreed. Good counTer. ","html":"Agreed. Good counTer. "}],"langContent":"CN"},{"id":855440163,"gmtCreate":1635394602994,"gmtModify":1635394603064,"author":{"id":"3586301355400538","authorId":"3586301355400538","name":"Edwardtoh","avatar":"https://static.tigerbbs.com/b46042c9b9b5dcea7d55f33bccb139cc","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3586301355400538","idStr":"3586301355400538"},"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855440163","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":855459371,"gmtCreate":1635393570389,"gmtModify":1635393570702,"author":{"id":"3582095823167500","authorId":"3582095823167500","name":"shamtu","avatar":"https://static.tigerbbs.com/924aa8f9aefe409906eeee3a22eb49b8","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3582095823167500","idStr":"3582095823167500"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855459371","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6354492,"gmtCreate":1635393669076,"gmtModify":1635393669189,"authorId":3582028323518189,"author":{"id":3582028323518189,"idStr":"3582028323518189","authorId":3582028323518189,"name":"CCHH","avatar":"https://static.tigerbbs.com/1b76ba5082fef7af25e69ffdb570b715","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855459371,"type":1,"supId":0,"prevId":0,"content":"done","text":"done","html":"done"}],"langContent":"CN"},{"id":855459092,"gmtCreate":1635393558362,"gmtModify":1635393558459,"author":{"id":"3579771412240335","authorId":"3579771412240335","name":"Elfreid","avatar":"https://static.tigerbbs.com/e12348adbd5cebbdc252ca124f8825d5","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3579771412240335","idStr":"3579771412240335"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855459092","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":855427374,"gmtCreate":1635393377055,"gmtModify":1635393377997,"author":{"id":"3569316529855154","authorId":"3569316529855154","name":"Deonc","avatar":"https://static.tigerbbs.com/d9aa45dd2eb58357f6477dcfb99d1415","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3569316529855154","idStr":"3569316529855154"},"htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/855427374","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6358917,"gmtCreate":1635423270085,"gmtModify":1635423270123,"authorId":3569316529855154,"author":{"id":3569316529855154,"idStr":"3569316529855154","authorId":3569316529855154,"name":"Deonc","avatar":"https://static.tigerbbs.com/d9aa45dd2eb58357f6477dcfb99d1415","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855427374,"type":1,"supId":6354467,"prevId":0,"content":"Thanks","text":"Thanks","html":"Thanks"},{"id":6358916,"gmtCreate":1635423261236,"gmtModify":1635423261269,"authorId":3569316529855154,"author":{"id":3569316529855154,"idStr":"3569316529855154","authorId":3569316529855154,"name":"Deonc","avatar":"https://static.tigerbbs.com/d9aa45dd2eb58357f6477dcfb99d1415","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855427374,"type":1,"supId":6355002,"prevId":0,"content":"Done,thanks","text":"Done,thanks","html":"Done,thanks"},{"id":6355002,"gmtCreate":1635397396295,"gmtModify":1635397396401,"authorId":3574167470846346,"author":{"id":3574167470846346,"idStr":"3574167470846346","authorId":3574167470846346,"name":"cozyli","avatar":"https://static.tigerbbs.com/509ef7c09d0624801748249c5a3e0117","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855427374,"type":1,"supId":0,"prevId":0,"content":"done pls like back. thks","text":"done pls like back. thks","html":"done pls like back. thks"},{"id":6354467,"gmtCreate":1635393527337,"gmtModify":1635393527446,"authorId":3575326657914583,"author":{"id":3575326657914583,"idStr":"3575326657914583","authorId":3575326657914583,"name":"dumdumdum","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855427374,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"CN"},{"id":855427067,"gmtCreate":1635393357118,"gmtModify":1635393357266,"author":{"id":"3560280328484327","authorId":"3560280328484327","name":"McGreedy","avatar":"https://static.tigerbbs.com/96af4bcc46326043bb64926e01f6724c","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3560280328484327","idStr":"3560280328484327"},"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855427067","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6354477,"gmtCreate":1635393563195,"gmtModify":1635393563230,"authorId":3582095823167500,"author":{"id":3582095823167500,"idStr":"3582095823167500","authorId":3582095823167500,"name":"shamtu","avatar":"https://static.tigerbbs.com/924aa8f9aefe409906eeee3a22eb49b8","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855427067,"type":1,"supId":0,"prevId":0,"content":"done","text":"done","html":"done"}],"langContent":"CN"},{"id":855425742,"gmtCreate":1635393215237,"gmtModify":1635393217317,"author":{"id":"3574922110603447","authorId":"3574922110603447","name":"Rolliopan","avatar":"https://static.tigerbbs.com/a76006b0036c2c9fde09d0a7571a72aa","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574922110603447","idStr":"3574922110603447"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855425742","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6354436,"gmtCreate":1635393374828,"gmtModify":1635393374864,"authorId":3560280328484327,"author":{"id":3560280328484327,"idStr":"3560280328484327","authorId":3560280328484327,"name":"McGreedy","avatar":"https://static.tigerbbs.com/96af4bcc46326043bb64926e01f6724c","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855425742,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"CN"},{"id":855425891,"gmtCreate":1635393164429,"gmtModify":1635393164625,"author":{"id":"3575147848250182","authorId":"3575147848250182","name":"boonhong21","avatar":"https://static.tigerbbs.com/4576487764c99ea59dfd1cfcdf89da5b","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3575147848250182","idStr":"3575147848250182"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855425891","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":855422866,"gmtCreate":1635393071311,"gmtModify":1635393071591,"author":{"id":"3582633189757328","authorId":"3582633189757328","name":"Ly99","avatar":"https://static.tigerbbs.com/ad04aa6a4345f682b5fa75c514b9b871","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3582633189757328","idStr":"3582633189757328"},"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855422866","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6355004,"gmtCreate":1635397406602,"gmtModify":1635397406638,"authorId":3574167470846346,"author":{"id":3574167470846346,"idStr":"3574167470846346","authorId":3574167470846346,"name":"cozyli","avatar":"https://static.tigerbbs.com/509ef7c09d0624801748249c5a3e0117","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855422866,"type":1,"supId":0,"prevId":0,"content":"done pls like back. thks","text":"done pls like back. thks","html":"done pls like back. thks"}],"langContent":"CN"},{"id":855428486,"gmtCreate":1635392860117,"gmtModify":1635392860226,"author":{"id":"3581472840480452","authorId":"3581472840480452","name":"DanielleKuek","avatar":"https://static.tigerbbs.com/a3a7f60161a727b6d4e75cdd995e510c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3581472840480452","idStr":"3581472840480452"},"htmlText":"👍👍","listText":"👍👍","text":"👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855428486","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":855421113,"gmtCreate":1635392674439,"gmtModify":1635392674550,"author":{"id":"3549509156546809","authorId":"3549509156546809","name":"HR88","avatar":"https://static.tigerbbs.com/4eb8a4ecd0e10d3afb2c7b4d99e2eb6a","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3549509156546809","idStr":"3549509156546809"},"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855421113","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6355005,"gmtCreate":1635397413594,"gmtModify":1635397413629,"authorId":3574167470846346,"author":{"id":3574167470846346,"idStr":"3574167470846346","authorId":3574167470846346,"name":"cozyli","avatar":"https://static.tigerbbs.com/509ef7c09d0624801748249c5a3e0117","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855421113,"type":1,"supId":0,"prevId":0,"content":"done pls like back. thks","text":"done pls like back. thks","html":"done pls like back. thks"}],"langContent":"CN"},{"id":855423504,"gmtCreate":1635392604345,"gmtModify":1635392604514,"author":{"id":"3570272942006173","authorId":"3570272942006173","name":"Raz","avatar":"https://static.tigerbbs.com/f9ea187e9aeaaf216b9012645f7a0d31","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3570272942006173","idStr":"3570272942006173"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/855423504","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6354388,"gmtCreate":1635393060408,"gmtModify":1635393060526,"authorId":3582633189757328,"author":{"id":3582633189757328,"idStr":"3582633189757328","authorId":3582633189757328,"name":"Ly99","avatar":"https://static.tigerbbs.com/ad04aa6a4345f682b5fa75c514b9b871","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855423504,"type":1,"supId":6354332,"prevId":0,"content":"Like pls","text":"Like pls","html":"Like pls"},{"id":6354334,"gmtCreate":1635392674732,"gmtModify":1635392674762,"authorId":3577534747443372,"author":{"id":3577534747443372,"idStr":"3577534747443372","authorId":3577534747443372,"name":"LMC90","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855423504,"type":1,"supId":0,"prevId":0,"content":"👍","text":"👍","html":"👍"},{"id":6354332,"gmtCreate":1635392666215,"gmtModify":1635392666245,"authorId":3549509156546809,"author":{"id":3549509156546809,"idStr":"3549509156546809","authorId":3549509156546809,"name":"HR88","avatar":"https://static.tigerbbs.com/4eb8a4ecd0e10d3afb2c7b4d99e2eb6a","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855423504,"type":1,"supId":0,"prevId":0,"content":".","text":".","html":"."}],"langContent":"CN"},{"id":855429287,"gmtCreate":1635392504591,"gmtModify":1635392504775,"author":{"id":"3575596393140561","authorId":"3575596393140561","name":"tinacheekyle","avatar":"https://static.tigerbbs.com/d2373874b2bf69f2637ce056a6f56ada","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3575596393140561","idStr":"3575596393140561"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/855429287","repostId":1126125470,"repostType":4,"repost":{"id":"1126125470","kind":"news","pubTimestamp":1635392274,"share":"https://www.laohu8.com/m/news/1126125470?lang=zh_CN&edition=full","pubTime":"2021-10-28 11:37","market":"us","language":"en","title":"AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126125470","media":"Seeking Alpha","summary":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Great Results, But One Major Issue Remains<blockquote>AMD：成绩很好，但一个主要问题仍然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-28 11:37\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats estimates and provides solid guidance.</li> <li>Impressive growth set to continue for some time.</li> <li>If you believe deal will go through, buy Xilinx instead.</li> </ul> <img src=\"https://static.tigerbbs.com/23e6fc434a2340a2c469f70b4321de65\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Vertigo3d/E+ via Getty Images<blockquote><ul><li>公司超出预期并提供可靠的指导。</li><li>令人印象深刻的增长将持续一段时间。</li><li>如果您相信交易会成功，请购买赛灵思。</li></ul>Vertigo3d/E+来自Getty Images</blockquote> After the bell on Tuesday, we received&nbsp;third quarter results&nbsp;from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.<blockquote>周二盘后，我们收到了芯片公司Advanced Micro Devices（纳斯达克：AMD）的第三季度业绩。正如我们在最近几个季度看到的那样，管理层继续实现令人印象深刻的增长，并且明显增加了其市场份额。由于投资者仍然喜欢这个名字，该股在周二的报告中创下新高，但有一个主要问题使得这个特定的名字目前可能不值得投资。</blockquote> For Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:<blockquote>第三季度收入为43.13亿美元，比去年同期增长54%。这是连续第六次超过收入，也是连续第五次超过2亿美元。当你考虑到2020年10月底，华尔街甚至没有预计2021年第三季度的收入达到32亿美元时，这个收入数字就更令人印象深刻了。以下是主要细分结果：</blockquote> <ul> <li>Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.</li> <li>Computing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.</li> </ul> On a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.<blockquote><ul><li>企业、嵌入式和半定制部门收入为19亿美元，同比增长69%，环比增长20%。</li><li>计算和图形部门收入为24亿美元，同比增长44%，环比增长7%。</li></ul>在非GAAP基础上，该公司的毛利率比去年同期增长了440个基点。由于运营费用增长不如收入增长快，AMD的运营利润比2020年第三季度的水平增加了一倍以上。从利润来看，调整后每股收益为0.73美元，比华尔街预期高出0.07美元，比去年同期的0.41美元增长近80%。</blockquote> The company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.<blockquote>该公司在此期间产生了7.64亿美元的自由现金流。这比去年同期增加了约5亿美元，尽管低于今年第二季度的8.88亿美元。管理层用大部分现金以7.5亿美元回购了超过700万股股票，目前股价略高于120美元，这看起来相当不错。</blockquote> For the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.<blockquote>对于2021年第四季度，AMD预计收入约为45亿美元，上下浮动1亿美元。同比增长约39%，远高于华尔街预期的42.5亿美元或近31%的增长。因此，全年增长预测从60%上调至65%，管理层还呼吁第四季度非GAAP毛利率实现良好的环比增长。AMD今年的收入应该很容易突破160亿美元，比2015年不到40亿美元的数字有了巨大的改善。</blockquote> There is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX)&nbsp;acquisition. As I have continued to detail, Xilinx shares are&nbsp;trading at a massive discount&nbsp;to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.<blockquote>毫无疑问，AMD现在正在全力以赴。收入增长持续超出预期，指引逐季上调。现在唯一的问题是股票本身，这是因为即将进行的赛灵思（纳斯达克股票代码：XLNX）收购。正如我继续详细介绍的那样，赛灵思股票的交易价格比隐含交易价格大幅折扣。如下图所示，截至周二收盘，隐含折扣升至近40美元，为几个月来的最高水平。</blockquote> <img src=\"https://static.tigerbbs.com/9cca97b3cf3e9bad577c89b894f33450\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\">Data sourced from Yahoo! Finance; last data point on chart is 10/26/21<blockquote>数据来源于雅虎！金融；图表上的最后一个数据点是10/26/21</blockquote> If you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management&nbsp;still seems fairly confident&nbsp;that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.<blockquote>如果您是AMD的长期信徒，并且您相信交易会成功，那么现在就没有理由购买该公司的股票。您可以为Xilinx支付大约175美元，而不是目前支付大约122美元，交易完成后您将获得1.7234股AMD股票。AMD管理层似乎仍然相当有信心，事情最终确定只是时间问题。我们最近没有收到任何重大消息，所以这只是监管机构确保这里一切正常的问题。</blockquote> In the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.<blockquote>最终，AMD又实现了一个强劲的季度，轻松超出了营收和利润预期，并给出了上行指引。不过，该股在盘后交易中小幅下跌，因为该股在周二交易中反弹至新高。尽管AMD现在很棒，但如果您相信Xilinx的交易会通过，我就不能推荐这个名字，因为您正在根据隐含的交易价格为股票支付巨额溢价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4462473-amd-stock-3q21-results-one-major-issue-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126125470","content_text":"Summary\n\nCompany beats estimates and provides solid guidance.\nImpressive growth set to continue for some time.\nIf you believe deal will go through, buy Xilinx instead.\n\nVertigo3d/E+ via Getty Images\nAfter the bell on Tuesday, we received third quarter results from chip company Advanced Micro Devices(NASDAQ:AMD). As we've seen in a number of recent quarters, management continues to deliver impressive growth and is clearly increasing its market share. The stock hit a new high going into the report on Tuesday as investors continue to love this name, but there's one major issue that makes this particular name potentially not worth an investment at this time.\nFor Q3, revenues came in at $4.313 billion, which was up 54% over the prior year period. This was the sixth straight beat on the top line, and the fifth straight one of at least $200 million. This revenue number is even more impressive when you consider that at the end of October 2020, the Street wasn't even looking for $3.2 billion in Q3 2021 revenues. Here are the key segment results:\n\nEnterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69 percent year-over-year and 20 percent quarter-over-quarter.\nComputing and Graphics segment revenue was $2.4 billion, up 44 percent year-over-year and 7 percent quarter-over-quarter.\n\nOn a non-GAAP basis, the company expanded its gross margins by 440 basis points over the prior year period. With operating expense growth not rising as fast as revenues, AMD was able to more than double its operating profit over Q3 2020 levels. On the bottom line, adjusted EPS of $0.73 beat Street estimates by $0.07, and rose nearly 80% from the year ago figure of $0.41.\nThe company produced $764 million of free cash flow in the period. That was up about half a billion dollars from last year's period, although it was down from the $888 million that was generated in Q2 of this year. Management used most of that cash to repurchase more than 7 million shares of stock for $750 million, which looks pretty good with shares now a bit over $120.\nFor the fourth quarter of 2021, AMD expects revenue to be approximately $4.5 billion, plus or minus $100 million. This roughly 39% year over year increase was well above the $4.25 billion or nearly 31% growth the Street was looking for. As a result, the full year growth forecast was boosted to 65% from 60%, with management also calling for nice sequential non-GAAP gross margin growth in Q4. AMD should easily be able to top $16 billion in revenue this year, tremendous improvement from the less than $4 billion figure posted in 2015.\nThere is no doubt that AMD is firing on all cylinders right now. Revenue growth continues to beat expectations, and guidance is being raised quarter after quarter. The only problem right now is with the stock itself, and this is because of the pending Xilinx(NASDAQ:XLNX) acquisition. As I have continued to detail, Xilinx shares are trading at a massive discount to the implied deal price. As the chart below shows, the implied discount rose to nearly $40 as of Tuesday's close, the highest level in a couple of months.\nData sourced from Yahoo! Finance; last data point on chart is 10/26/21\nIf you are a long term AMD believer, and you believe the deal will go through, there is just no reason to buy shares of this company right now. Instead of paying roughly $122 currently, you could pay roughly $175 for Xilinx, and that would get you 1.7234 shares of AMD when the deal goes through. AMD management still seems fairly confident that it's only a matter of time before things are finalized. We haven't received any major news lately, so it's just a matter of regulators making sure everything here is fine.\nIn the end, AMD delivered another strong quarter, handily beating top and bottom line estimates and giving upside guidance. The stock declined a little in the after-hours session though, as shares had rallied to a new high during Tuesday trading. As great as AMD is right now, I just can't recommend the name if you believe the Xilinx deal will go through, because you are paying a massive premium for shares based on the implied deal price.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6354356,"gmtCreate":1635392822871,"gmtModify":1635392823373,"authorId":3561859229387101,"author":{"id":3561859229387101,"idStr":"3561859229387101","authorId":3561859229387101,"name":"Tchua","avatar":"https://static.tigerbbs.com/245ba7d1360ad877e076f09e9d78c378","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855429287,"type":1,"supId":0,"prevId":0,"content":"Time to long Intel though","text":"Time to long Intel though","html":"Time to long Intel though"},{"id":6354323,"gmtCreate":1635392612321,"gmtModify":1635392612353,"authorId":3570272942006173,"author":{"id":3570272942006173,"idStr":"3570272942006173","authorId":3570272942006173,"name":"Raz","avatar":"https://static.tigerbbs.com/f9ea187e9aeaaf216b9012645f7a0d31","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855429287,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":93,"commentSize":24,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}