Semiconductor company Advanced Micro Devices (NASDAQ: AMD) released preliminary earnings results on Friday, Oct. 8. While the company has done tremendously well under the leadership of CEO Lisa Su, the pre-earnings results may have left investors a little spooked. It is October, after all.

But the same-day 14% sell-off was likely overblown. While the amount of information that was released is limited, the known metrics -- coupled with broader macroeconomic conditions -- seem to underscore that initial market reactions were based more on emotion than on fundamental logic. A look at AMD's preliminary results, and some interviews from research analysts, should help. Let's dig in.

According to the company's press release, total revenue is expected to increase 29% year over year to $5.6 billion in the third quarter. While 29% annual growth is respectable, it's a far cry from the 55% growth in management's previous guidance.

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Source Fool.com