AMD Stock Shoots Higher After Topping Forecasts

Operating profits also soared

   

AMD Stock Shoots Higher After Topping Forecasts

Advanced Micro Devices (AMD) has seen a stock jump after beating analyst forecasts with a 28% increase in revenue.

 AMD Stock Shoots Higher After Topping ForecastsAMD stock is up nearly 12% in early morning trading after the earnings were reported Thursday (the market was closed on Friday).

“AMD continued our momentum by building on the solid foundation we set in the second half of 2013, further transforming the company,” CEO Rory Read said in a statement.

Revenue was up 28% year-over-year to $1.4 billion. Advanced Micro Devices also noted that its operating profits were up $91 million from $16 million.

Via Fox News:

AMD said it lost $20 million, or 3 cents a share, last quarter, compared with a loss of $146 million, or 19 cents a share, a year earlier. Excluding one-time items, it earned 2 cents a share last quarter, topping estimates from analysts for flat earnings.

AMD reported a 12% decrease in computing solutions revenue amid lower client unit shipments. The division narrowed its operating loss to $3 million from $39 million the year before thanks to lower expenses.

The company’s graphics and visual solutions segment saw a 118% surge in revenue due to a surge in demand for the AMD Radeon R7 and R9 products.

AMD stock is up 67% from this time last year.


Article printed from InvestorPlace Media, http://investorplace.com/2014/04/amd-stock-top-forecasts-advanced-micro-devices/.

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