AMD surges after topping Wall Street expectations (AMD)
Reuters/Arnd Wiegmann
AMD reported earnings that topped analyst expectations on Wednesday.
Shares opened up more than 6% Thursday following the announcement.
AMD (Advanced Micro Devices) reported second-quarter earnings on Wednesday that topped Wall Street expectations, sending the stock soaring more than 6% at the opening bell Thursday.
Here are the important numbers:
Adjusted earnings per share: $0.14 versus an expected $0.13.
Revenue: $1.76 billion versus an expected $1.72 billion.
"We had an outstanding second quarter with strong revenue growth, margin expansion and our highest quarterly net income in seven years," Lisa Su, AMD's chief executive, said in a press release.
"Most importantly, we believe our long-term technology bets position us very well for the future. We are confident that with the continued execution of our product roadmaps, we are on an excellent trajectory to drive market share gains and profitable growth."
AMD's newest products — a line of 12 nanometer processors called Ryzen — helped fuel the earnings beat, according to one analyst.
"As expected, AMD had another solid growth quarter with 2nd gen Ryzen, Ryzen mobile, and Epyc all ramping strong, leading to an overall 54% revenue gain," Patrick Moorhead, an analyst at Moor Insights, said in a note.
"Ryzen units grew double-digit sequentially and Ryzen mobile doubled sequentially. Radeon graphics sales were down driven by a decline in blockchain revenue, but in the grand scheme of things, not very large, a 4% decline. It also appears AMD is starting to get some traction in the commercial workstation market, a very large market profit pool."
AMD shares are up 57% this year.
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