Shares of Advanced Micro Devices (NASDAQ: AMD) dropped 2.5% on Wednesday following the chipmaker's release on the prior afternoon of its fourth-quarter 2023 report. The stock's decline is largely attributable to guidance for the first quarter of 2024 coming in lighter than Wall Street had been expecting.

Q4's results themselves were pretty much in line with analysts' projections, with revenue slightly surpassing the consensus estimate and earnings hitting the expectation on the bull's-eye.

Data source: AMD. GAAP = generally accepted accounting principles. YOY = year over year.

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Source Fool.com