Shares of Advanced Micro Devices (NASDAQ: AMD) fell as much as 5.5% on Wednesday morning, following the chip designer's fourth-quarter earnings report.

The fourth-quarter report was solid enough. Adjusted earnings rose 12% year over year to $0.77 per diluted share, exactly in line with Wall Street's consensus estimates. Revenue increased by 10%, landing just ahead of analyst expectations at $6.2 billion.

However, management's guidance fell short of market expectations. First-quarter sales are expected to stay fairly flat compared to the first quarter of 2023, with a $300 million margin of error around the $5.4 billion midpoint. Reaching the very top of that range would still miss the current analyst consensus target by a few million dollars.

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Source Fool.com