New chips boost AMD’s sales but gross margins disappoint, cutting into share price

Shares of Advances Micro Devices Inc. plunged more than 18 percent in early trading Tuesday, after the company released quarterly earnings that disappointed investors.
AMD (NYSE: AMD) shares had gained about 20 percent so far this year, mostly on the promise that the company’s new Ryzen chip would challenge Intel’s dominance. Investors ended up giving back many of those gains on Tuesday. Go here to track it yourself.
First, the good news: AMD reported $984 million in sales in the first quarter,…

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