Advanced Micro Devices Inc.’s upbeat revenue outlook wasn’t enough to send the stock higher in Tuesday’s extended session — suggesting the explosive rally over the past few months might have been overextended,

Sure, Advanced Micro Devices (AMD) was reporting its quarterly results, but the world's second-largest economy loomed large after the chipmaker’s earnings fell short of expectations and raised concerns about the timing of a restart of shipments to China.

Investors likely wanted more upside after a rally in the stock price over the past three months. The stock pointed 5.4% lower at $164.99 in premarket trading Friday. The chip maker reported second-quarter adjusted earnings per share of 48 cents,