Advanced Micro Devices (NASDAQ:AMD) unveiled its latest quarterly earnings results after hours today, bringing in results that handily topped what analysts called for, helping to lift AMD stock late on Tuesday.
The Santa Clara, Calif.-based chipmaker said that for its first quarter of its fiscal 2019, it brought in adjusted earnings of 6 cents per share, which is stronger than the 5 cents per share that the Wall Street consensus estimate called for, according to a survey of analysts conducted by Bloomberg.
Advanced Micro Devices also said that its revenue for the first three months of the fiscal year tallied up to $1.27 billion, coming in ahead of the $1.26 billion that the Wall Street guidance projected. The company said its revenue from the Computing and Graphics segment experienced a decline of 26% year-over-year to $831 million.
The business said the decline was caused in part to lower graphics channel sales, yet it was offset by higher client processor and datacenter GPU sales. “We delivered solid first quarter results with significant gross margin expansion as Ryzen and EPYC processor and datacenter GPU revenue more than doubled year-over-year,” AM CEO Lisa Su said in a statement.
“We look forward to the upcoming launches of our next-generation 7nm PC, gaming and datacenter products which we expect to drive further market share gains and financial growth,” she added.
AMD stock is up about 4.8% after the bell on Tuesday off the heels of a strong quarterly earnings performance for the business. Shares had been declining 0.2% during regular trading hours today.