Advanced Micro Devices Inc. shares rallied after the chipmaker gave an upbeat revenue forecast, underscoring that its new artificial intelligence processors are bolstering growth.
--
Chief Executive Officer Lisa Su said Tuesday that AMD expects to generate more than $4.5 billion in sales from its MI300 products this year. That’s up from an earlier target of $4 billion, though analysts’ estimates have ranged closer to $5 billion. AMD’s second-quarter revenue rose 8.9% to $5.84 billion, beating an estimate of $5.72 billion. Earnings increased to 69 cents a share, compared with a projection of 68 cents.
AMD shares rose about 6.5% in extended trading following the announcement. They had earlier closed at $138.44 in New York, leaving them down 6.1% for the year. Like Intel, AMD still gets most of its revenue from personal computer and server microprocessors. Santa Clara, California-based AMD also competes with Nvidia in the market for graphics processors that improve the images in video games.
Business Company News Computers Hardware Industry Markets North America Semiconductors Stock Market News Technology Technology Services Telecom Communications Top News Unites States World Top World
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Apple, AMD, Intel at top of AI 'catch-up' trade in 2H: MeliusMelius Research is listing Advanced Micro Devices (AMD), Intel (INTC), and Apple (AAPL) among top contenders for the AI 'catch-up' trade in the second half...
Read more »
AMD plans to acquire Silo AI in $665 million dealAdvanced Micro Devices (AMD) is getting a lift following news of the semiconductor maker's plans to acquire Finnish artificial intelligence company Silo AI. ...
Read more »
Secure Orbit Inc. - Unveiling the FutureSecure Orbit Inc. is commited to advanced design, advanced manufacturing, and community investment.
Read more »
Secure Orbit Inc. - Unveiling the FutureSecure Orbit Inc. is commited to advanced design, advanced manufacturing, and community investment.
Read more »
AMD stock rises on earnings beat, Q3 revenue guidanceAdvanced Micro Devices (AMD) reported better-than-expected second quarter results. Adjusted earnings of $0.69 was better than the estimated $0.68. Overall...
Read more »
Rally in support of Banff's pedestrian zone takes place as advanced voting continuesThe 'Go Bananas for Banff Ave' event saw supporters in yellow rallying in support of the pedestrian zone.
Read more »