04:46 AM EDT, 05/01/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

AMD (AMD) shares fell nearly 7% pre-bell Wednesday after the company reported a narrow beat on adjusted earnings and sales in Q1.

The company reported Q1 non-GAAP earnings late Tuesday of $0.62 per diluted share, up from $0.60 a year earlier.

Analysts surveyed by Capital IQ expected $0.61.

Revenue in the quarter ended March 30 rose to $5.47 billion from $5.35 billion a year earlier.

Analysts surveyed by Capital IQ expected $5.45 billion.

The company expects Q2 revenue of $5.7 billion, plus or minus $300 million. Analysts surveyed by Capital IQ project $5.69 billion.

Price: 147.39, Change: -10.99, Percent Change: -6.94