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AMD (AMD) reports Q3 2026 results after the close Nov. 3 with $1.94 EPS and $13.1B revenue expected, as a chip rout puts its guidance under scrutiny.
- AMD reports after the close on Nov. 3; consensus is $1.94 EPS on about $13.1B revenue.
- AMD fell 10.9% to $504.80 on Friday, though the shares are still up roughly 116% in 2026.
- Arista and Supermicro report the same evening, making it a test of AI infrastructure demand.
Lead
Advanced Micro Devices (AMD) reports third-quarter results after the market close on Tuesday, Nov. 3, with a conference call scheduled for 6:00 p.m. ET. Wall Street expects earnings of $1.94 per share, up 61.7% from a year earlier, on revenue of about $13.09 billion, a gain of 41.5%. The report arrives after a sharp selloff in ai stocks that left AMD down 10.9% to $504.80 on Friday, even as the shares remain up about 116% for the year.What Is Wall Street Expecting From AMD's Q3 Report?
Investors expect AMD to meet its own forecast of $13 billion in revenue, plus or minus $300 million, which implies 41% annual growth and 13% growth from the prior quarter. Management also guided to an adjusted gross margin of about 56%, up from 54% in the same quarter last year.
The data center segment is the main driver. EPYC server processors are gaining share with hyperscale cloud providers and enterprises, helped by AI inference and agentic workloads. These workloads need strong CPUs to manage data retrieval and orchestration alongside accelerators. PC and gaming demand is a weaker offset and is expected to limit the upside.
Why Does the Chip Rout Put AMD's Guidance Under Scrutiny?
The Friday selloff came before any of the three companies had published results, so it reflects positioning rather than company-specific news. After a year in which the stock more than doubled, the fourth-quarter outlook now carries more weight than the quarter just ended.
A beat on third-quarter revenue and earnings is widely assumed. The market reaction is likelier to turn on three points:
- the revenue range for the December quarter
- whether the gross margin holds near 56%
- management's commentary on AI accelerator demand and memory costs
A forecast that fails to exceed consensus would test valuations built on sustained triple-digit growth. A forecast that does exceed it could restore momentum to the broader group.
How Do Arista and Supermicro Fit Into the Picture?
Arista Networks (ANET) and Super Micro Computer (SMCI) also report after the close, so the three reports together form a read on AI infrastructure spending across chips, networking and servers. On Friday, Arista fell 8.3% to $168.86 and Supermicro slipped 4.3% to $32.95.For Arista, the focus is whether supply and margins can keep pace with orders from cloud customers building AI clusters. Supermicro has already released preliminary numbers, so attention shifts to whether its outlook supports them. Memory pricing is a shared concern. Higher costs for the components that go into AI systems can squeeze server makers' margins and lengthen delivery schedules.
Market Reaction and Positioning
The selloff erased billions in market value from AI hardware names over October, and options pricing ahead of the report points to a large move in either direction. AMD's gain this year has been driven by expectations for data center GPUs and server CPUs, which makes the stock sensitive to any change in the growth path. For investors working out how to invest in AI, the evening's three reports offer a rare simultaneous view of the chip, network and system layers of the same spending cycle.
What Comes Next for AMD Shares?
The immediate catalyst is the guidance. A fourth-quarter revenue forecast well above consensus, with margins at or above the third-quarter level, would support the argument that Friday's drop was a pause in a rally rather than a change in trend. A cautious outlook, or signs that memory costs are weighing on gross margin, would extend the rout and put pressure on Arista and Supermicro in sympathy.
The data points to watch on the call are data center revenue growth, the pace of AI accelerator shipments, and any change to the margin trajectory. Cash flow conversion is also in focus, since earlier quarters showed strong profit growth that did not fully reach free cash flow.
Outlook
AMD enters its Q3 report with strong year-to-date gains, a 10.9% one-day drop and consensus at $1.94 EPS and $13.1B in revenue. The results are expected to be solid, so the verdict will rest on the December quarter guidance and margin outlook. Arista's and Supermicro's reports will add evidence on whether AI infrastructure demand can absorb the selloff.
Mentioned tickers: AMD, ANET, SMCI
