AMD Shares Skyrocket After Topping Q1 Estimate

Published on: 26 Apr, 2018

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.

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Danny Abramov

Email: danny@financialinsiders.com

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