Shares of Advanced Micro Devices Inc. plummeted over 11% on Friday after the company announced its preliminary third-quarter report on Thursday.

The chipmaker said its revenue will stand at approximately $5.6 billion, falling short of the outlook that predicted around $6.7 billion. "Preliminary results reflect lower than expected Client segment revenue resulting from reduced processor shipments due to a weaker than expected PC market and significant inventory correction actions across the PC supply chain," the company said in the report.

AMD's stock dropped 11.14% at 12:41 pm ET, selling for $60.26.