Semiconductor giant Advanced Micro Devices (NASDAQ: AMD) eked out an earnings beat last night, reporting a (non-GAAP) profit of $0.60 per share on sales of $5.35 billion where Wall Street had expected only $0.56 per share on $3.5 billion. Wall Street reacted with confusion to the news, with investment bank Craig-Hallum upgrading the stock to buy and four other analysts raising their price targets, while TD Cowen and Raymond James lowered their price targets -- and Bank of America downgraded AMD to neutral.  

Investors weren't confused at all. Ignoring the bulls, they promptly sold off AMD stock, which as of 10 a.m. ET is down 8.6%.

To explain that reaction, though, some clarification of the above numbers is probably in order. Let's begin with the revenue beat. On the one hand, yes, AMD beat on revenue, reporting more sales than Wall Street had forecast. But revenue still declined 9% year over year.  

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Source Fool.com