Advanced Micro Devices' (NASDAQ: AMD) artificial intelligence (AI)-fueled rally has come to a screeching halt in 2024. Shares of the chipmaker are down 29% since the beginning of March, when they were trading at a 52-week high, and the company's latest results aren't going to help arrest the slide.

AMD released first-quarter 2024 results on April 30, and investors pressed the panic button. Let's see why that was the case.

AMD reported Q1 revenue of $5.47 billion, an increase of just 2% from the year-ago period. The company's non-GAAP earnings also increased at a tepid pace of just 3% year over year to $0.62 per share during the quarter. Analysts were looking for $0.62 per share in earnings on $5.48 billion in revenue, which means AMD barely met the bottom-line estimate and failed to satisfy the revenue expectation.

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Source Fool.com