Advanced Micro Devices (NYSE: AMD) is expected to report Q2 earnings on July 18. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Advanced Micro Devices's revenues will drop -21.6% and EPS will shrink to a loss.

The average estimate for revenue is $1.11 billion. On the bottom line, the average EPS estimate is -$0.12.

Revenue details
Last quarter, Advanced Micro Devices recorded revenue of $1.09 billion. GAAP reported sales were 31% lower than the prior-year quarter's $1.59 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Last quarter, non-GAAP EPS came in at -$0.13. GAAP EPS were -$0.19 for Q1 against -$0.80 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
For the preceding quarter, gross margin was 40.9%, 520 basis points worse than the prior-year quarter. Operating margin was -4.7%, much worse than the prior-year quarter. Net margin was -13.4%, much better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $4.78 billion. The average EPS estimate is -$0.24.

Investor sentiment
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 3,141 members out of 3,809 rating the stock outperform, and 668 members rating it underperform. Among 593 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 474 give Advanced Micro Devices a green thumbs-up, and 119 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Advanced Micro Devices is hold, with an average price target of $2.83.

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