Advanced Micro Devices Inc. shares surged in the extended session Tuesday after the chip maker's results topped Wall Street estimates.
Advanced Micro Devices Inc. shares surged in the extended session Tuesday after the chip maker’s results topped Wall Street estimates.
AMD AMD shares rallied more than 4% after hours, following a 2.9% gain to close the regular session at $117.66. Analysts surveyed by FactSet expect adjusted second-quarter earnings of 57 cents a share on revenue of $5.32 billion. The company had forecast $5 billion to $5.6 billion in revenue and second-quarter gross margins of about 50%.
“Looking to the third quarter, we expect our Data Center and Client segment revenues to each grow by a double-digit percentage sequentially driven by increasing demand for our EPYC and Ryzen processors, partially offset by Gaming and Embedded segment declines,” said Jean Hu, AMD’s chief financial officer, in a statement.
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