Advanced Micro Devices (NASDAQ:AMD) earnings for the tech company’s second quarter of 2020 have AMD stock gaining power after-hours Tuesday. That’s due to its adjusted earnings per share of 18 cents beating out Wall Street’s estimate of 16 cents. Its revenue of $1.93 billion is also above analysts’ estimate of $1.86 billion.
Here are some additional highlights from the most recent Advanced Micro Devices earnings report.
- Adjusted per-share earnings are up 125% from 8 cents during the same time last year.
- Revenue for the quarter is sitting 26% higher than the $1.53 billion reported in the second quarter of 2019.
- Operating income of $173 million is a 193.2% increase year-over-year from $59 million.
- The AMD earnings report also has it bringing in a net income of $157 million.
- That is a 348.6% boost from the company’s net income of $35 million in the same period of the year prior.
Dr. Lisa Su, president and CEO of Advanced Micro Devices, said this about the earnings results.
“We delivered strong second quarter results, led by record notebook and server processor sales as Ryzen and EPYC revenue more than doubled from a year ago. Despite some macroeconomic uncertainty, we are raising our full-year revenue outlook as we enter our next phase of growth driven by the acceleration of our business in multiple markets.”
Advanced Micro Devices also updates its outlook for 2020 in the earnings report. It now expects revenue to grow by 32% from the previous year. The company attributes this growth to strength in the PC gaming market, as well as from its data center efforts.
AMD stock was up 9.3% after markets closed on Tuesday but was down 2% when normal trading ended.
As of this writing, William White did not hold a position in any of the aforementioned securities.