Advanced Micro Devices, Inc. (NASDAQ:AMD) saw its shares soar after the company unveiled its latest quarterly earnings results.
The company said it brought in adjusted earnings of 11 cents per share for its first quarter of fiscal 2018, topping the 9 cents per share in adjusted earnings that analysts polled by Bloomberg were calling for. Revenue was also strong at $1.65 billion, topping the $1.57 billion that the Wall Street consensus estimate called for, according to Bloomberg.
Advanced Micro Devices saw its revenue increase by 40% compared to the year-ago quarter, thanks in part to its Computing and Graphics Business Segment, which soared 95% year-over-year to $1.12 billion. The company’s Enterprise, Embedded and Semi-Custom segment declined 12% compared to the year-ago quarter to $532 million, due in part to its semi-custom revenue falling.
“The first quarter was an outstanding start to 2018 with 40 percent year-over-year revenue growth,” said Lisa Su, AMD’s president and CEO, in a press release. “PC, gaming and datacenter adoption of our new, high-performance products continues to accelerate. We are excited about our long-term roadmaps and focused on delivering sustained revenue growth and profitability.”
For its second quarter of fiscal 2018, the company is projecting $1.72 billion in revenue, give or take $50 million. The Wall Street consensus estimate is calling for revenue of $1.58 billion.
AMD stock was up about 9.7% after the bell Wednesday on the company’s strong quarterly showing.