From Nasdaq:

On Tuesday afternoon, Advanced Micro Devices (NASDAQ: AMD) released its fourth-quarter 2023 report. The chipmaker’s results didn’t contain any surprises, but its Q1 2024 revenue guidance was lighter than expected by Wall Street, leading to a 2.5% decrease in share price.

AMD’s Q4 revenue grew 10% year over year to $6.17 billion, while adjusted EPS increased 12% to $0.77. For Q1 2024, revenue growth guidance was 1% year over year, missing the projected 7%. The company’s data center AI accelerator chips will have a total addressable market of $400 billion by 2027.

The CEO of AMD, Lisa Su, announced that the company raised its revenue guidance for the first quarter from $2 billion to over $3.5 billion for 2024 due to strong customer engagement with its new MI300 chips. This was an increase of 75% from the previous guidance.

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Read more: 2 Key Things From AMD’s Earnings Call That Investors Should Know