Advanced Micro Devices delivered a third-quarter earnings and revenue beat on Tuesday. You wouldn't know it by looking at the stock reaction. For the third quarter , the company earned an adjusted $1.20 per share on revenue of $9.25. Sales increased 36% from this time last year. Analysts polled by LSEG had expected earnings of $1.16 and $8.74 billion in revenue. But the company sees an adjusted gross margin of 54.5% for its current quarter, meeting StreetAccount's consensus of 54.5%. The in-line margin guidance, combined with lofty valuations heading into the report, kept shares under pressure after the earnings release. The stock, which traded at an elevated forward price-to-earnings ratio of 41, fell more than 5% in the premarket. "Drilling down to what we think was the most likely point

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