AMD’s profits have cratered as the PC and crypto miner markets slow down

Illustration of one of AMD’s socketed desktop GPUs.
Image: AMD

AMD was riding high last year as consumers bought computers in droves and cryptocurrency miners snapped up every GPU they could get, but this year, the company has come crashing down to the ground. While it’s bringing in more money than it was before, thanks in part to better sales in the data center and gaming space, its third quarter profits dropped by 93 percent compared to last year.

According to its earnings report, AMD earned $66 million in profits in Q3 on around $5.6 billion in revenue. That’s not a particularly impressive figure on its own, but it gets worse when you compare it to its Q3 performance last year, where its profits were $923 million on $4.3 billion in revenue.

AMD says it missed its targets for the quarter because…

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