AMD Inc. (NASDAQ: AMD) announced its first quarter financial results after the closing bell on Wednesday and topped Wall Street’s estimates in both revenue and earnings. Shares rose by 12.46 percent during Thursday’s pre-market hours.
For the first quarter, AMD reported revenue of $1.65 billion, increasing 40 percent year over year and topping Thomson Reuters’ estimates of $1.57 billion. The company reported an EPS of $0.11, narrowly beating Thomson Reuters’ estimates of $0.09.
AMD reported operating income of $138 million, compared to an operating loss of $21 million a year prior and $33 million the previous quarter.
“The first quarter was an outstanding start to 2018 with 40 percent year-over-year revenue growth,” said Lisa Su, AMD president and CEO. “PC, gaming and data center adoption of our new, high-performance products continues to accelerate.”
The strong revenue growth was driven by AMD’s computing and graphics segment, as sales for Radeon and Ryzen products increased. The segment reported revenue of $1.12 billion, increasing 95 percent year over year.
AMD’s enterprise, embedded and semi-custom (EESC) segment revenue fell to $532 million, sliding 12 percent year over year due to lower semi-custom revenue.
For the second quarter, AMD forecasts revenue of $1.73 billion, plus or minus $50 million, a 50 percent increase year over year. Wall Street analysts are forecasting $1.58 billion.