Advanced Micro Devices (AMD Quick QuoteAMD - Free Report) is set to report first-quarter earnings results on Tuesday after the close. AMD, a Zacks Rank #3 (Hold), has beaten the earnings mark in each of the last four quarters. But with semiconductor stocks showing weakness as of late, is AMD a buy?

The semiconductor giant is expected to post a profit of $0.56/share, which would reflect negative growth of -50.4% versus the same quarter last year. Estimates for the quarter have remained steady over the past 60 days. Sales are projected to fall -9.89% to $5.3 billion.

AMD has exceeded the mark on earnings in each of the past four quarters, with an average beat of 7.67% over that timeframe. The company is suffering from a reversal of pandemic trends. A decline in PC shipments is affecting its Computing and Gaming divisions.

AMD also faces significant competition from NVIDIA in the GPU market. Stock holders many want to consider trimming their position ahead of earnings. AMD stock has risen nearly 38% year-to-date.