Advanced Micro Devices earnings (NASDAQ:AMD) were released late in the day on Tuesday and the company’s stock was soaring more than 8% after hours even though its revenue missed the mark, while its current-quarter guidance was also weaker than projected.
For its fourth quarter of its fiscal 2018, the Santa Clara, Calif.-based multinational semiconductor maker said that its earnings tallied up to 8 cents per share, which was in line with the Wall Street consensus estimate. The company added that its sales for the period came in at $1.42 billion.
Analysts were calling for Advanced Micro Devices to rake in revenue of $1.44 billion for its fourth quarter, according to a poll conducted by Bloomberg. “In 2018 we delivered our second straight year of significant revenue growth, market share gains, expanded gross margin and improved profitability based on our high-performance products,” Lisa Su, Advanced Micro Devices president & CEO said in a statement.
“Despite near-term graphics headwinds, 2019 is shaping up to be another exciting year driven by the launch of our broadest and most competitive product portfolio ever.” The chipmaker added that for its first quarter of its fiscal 2019, it calls for revenue in the range of $1.20 billion to $1.30 billion, below the $1.47 billion that Wall Street forecasts.
AMD stock had an incredible late-afternoon rally as shares were up roughly 8.1% after the bell on Tuesday despite the underwhelming quarterly results and guidance from the company. Shares had fallen a touch above 4.6% during regular trading hours as Advanced Micro Devices geared up to report its earnings.