Advanced Micro Devices, Inc. (NASDAQ:AMD) stock plummeted 17% on Wednesday, wiping out over $30 billion in market value and heading for its worst day since 2017.
The company’s Q4 headline numbers showed a record $10.3 billion in revenue, but the quality of the beat and AMD’s forward guidance left something to be desired.
- AMD stock is tanking. See the chart and price action here.
The China Windfall
A significant portion of AMD’s Q4 beat was attributed to a one-time surge in sales to China.
CEO Lisa Su clarified during the company’s earnings call that this was not a sustainable trend, but rather the result of clearing a backlog.
“We were pleased to have some MI308 sales in the fourth quarter. …