AMD Earnings Are Out... And They Are Impressive
Advanced Micro Devices posted impressive second-quarter earnings and shares surged in after-hours trading, according to CNBC.
AMD shares surged 10 percent in after-hours trading on Tuesday. Investors cheered as the chip-maker upgraded its revenue guidance for the current year.
Here are the numbers:
- Earnings: 13 cents per share, adjusted compared to analyst expectations of 16 cents per share, according to Refinitiv.
- Revenue: $1.93 billion, beating analyst expectations of $1.86 billion, according to Refinitiv.
Revenue grew 26 percent year-over-year in the second quarter. Revenue from chips and graphics processing units for computers was $1.37 billion, an increase of 45 percent. AMD is expecting $2.55 billion in revenue in the third quarter. In April, the company announced it was expecting 25 percent growth in revenue for the year, but now AMD believes revenue will grow 32 percent.
“We expect strong second-half semi-custom growth as we read production to support the holiday launches of the new PlayStation 5, and Xbox Series X consoles,” CEO Lisa Su said.
AMD stock is now up more than 47 percent year-to-date.