Chipmaker Advanced Micro Devices (AMD) late Tuesday smashed Wall Street’s estimates for the first quarter and guided higher for the current quarter and full year. AMD stock rose in extended trading.
The Santa Clara, Calif.-based company earned an adjusted 52 cents a share on sales of $3.45 billion in the March quarter. Analysts expected AMD earnings of 44 cents a share on sales of $3.21 billion. On a year-over-year basis, AMD earnings rocketed 189% while sales jumped 93%.
For the current quarter, AMD expects to generate sales of $3.6 billion, up 86% year over year. Wall Street had predicted $3.29 billion in sales for the second quarter.
For the full year, AMD now expects revenue growth of about 50% over 2020. That’s up from its prior guidance for about 37% growth in 2021.
AMD Stock In Consolidation Period
“Our business continued to accelerate in the first quarter driven by the best product portfolio in our history, strong execution and robust market demand,” Chief Executive Lisa Su said in a news release. “We had outstanding year-over-year revenue growth across all of our businesses and data center revenue more than doubled.”
She added, “Our increased full-year guidance highlights the strong growth we expect across our business based on increasing adoption of our high-performance computing products and expanding customer relationships.”
In after-hours trading on the stock market today, AMD stock jumped 3.7%, near 88.40. During the regular session Tuesday, AMD stock dipped 0.2% to 85.21.
Elsewhere in semiconductor stocks, Texas Instruments (TXN) also planned to post first-quarter results late Tuesday.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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