Wall Street has paid close attention to every move from the Federal Reserve during 2022, and most investors are prepared for yet another steep tightening in the nation's monetary policy. With the Fed announcement scheduled for around 2 p.m. ET, major market benchmarks were little changed in premarket trading.

With the market in a holding pattern, most big moves in individual stocks came from company-specific news. Advanced Micro Devices (AMD 3.70%) gave investors a good financial report that reassured them about the chipmaker's ability to overcome macroeconomic headwinds. However, even AMD's stock gains paled in comparison to what shareholders in Match Group (MTCH -0.27%) enjoyed, as the dating service specialist's financial results looked attractive from many perspectives.

AMD picks up steam

Shares of Advanced Micro Devices were up almost 7% in premarket trading Wednesday morning. The semiconductor company wasn't able to fend off all the headwinds hitting its business, but it was successful enough that shareholders were pleased with what they saw.

AMD's third-quarter results were mixed, but showed plenty of signs of continued strength. Revenue jumped 29% year over year to $5.57 billion, and net income climbed 23% to nearly $1.1 billion. However, a big rise in share count led to an 8% drop in earnings per share, which came in at $0.67.

CEO Lisa Su noted that the softening PC market had big consequences for the company, as retailers and PC makers cut back on their inventories of chips and components. Yet AMD noted that data center demand remained strong, and the placement of AMD semiconductors in embedded system-on-chip products and in specialty areas like video gaming should help it sustain sales strength in future quarters.

AMD is still upbeat about the year as a whole, projecting that 2022 revenue will be between $23.2 billion and $23.8 billion. That would represent roughly 43% growth over 2021 figures, and even though some investors had hoped to see even healthier numbers from the chipmaker, AMD's ability to overcome PC-related weakness gives it a competitive advantage over some of its less diversified peers in the semiconductor industry.

Investors make a Match

Meanwhile, shares of Match Group jumped more than 15% in premarket trading. The parent company of online dating sites Tinder, OkCupid, and the namesake Match.com service reported third-quarter financial results that showed the continued appeal of its business.

Match's numbers held up quite well given its particularly notable sensitivity to foreign exchange fluctuations. Revenue of $810 million was up just 1% year over year, but on a currency-neutral basis, Match's top line would have risen 10% from year-ago levels. Sales in Europe and the Asia-Pacific region fell compared to the third quarter of 2021, but they would have posted gains of between 15% and 16% had it not been for the strong U.S. dollar. Tinder performed exceptionally well, boosting direct revenue 16% on a currency-neutral basis.

Match's bottom line was also mixed. Net income was down almost 2% year over year to $128.7 million. However, a substantial reduction in Match's share count helped to send earnings per share up a penny to $0.44.

Moreover, investors were pleased to see Match aiming higher in the coming year. Despite continuing dollar-based challenges, the company expects fourth-quarter sales of between $780 million and $790 million, with adjusted operating income of between $270 million and $275 million. Although 2023 is hard to project, Match thinks it can still deliver 5% to 10% sales growth. As more of the world starts to emerge from the COVID-19 pandemic, investors are getting more upbeat about the prospects for Match's various business segments.