Advanced Micro Devices Second Quarter Earnings Report Beat Analysts’ Estimation
Advanced Micro Devices Inc, the Sunnyvale, California based semiconductor company announced its second quarter earnings report and came out with flying colors.
Thursday's report showed that the chip maker earned a quarterly profit and also marked its first sales increase in almost two years. The gain is mainly attributed to increasing sales of customized chips supplied to videogame makers and also a rising demand for its recent graphics products.
The company earned $69 million or 8 cents a share for the quarter and that compares to loss of $181 million or 23 cents a share in the previous year. The results beat analysts' estimates.
For the three month period, the company posted $1.03 billion in revenue, which was also more than what the analysts' had expected at $955.1 million.
For the Q3, the company expects revenue to grow eighteen percent successively with a three percent allowance.
From this year's beginning, shares of Advanced Micro have moved up eighty two percent and closed at $5.22 after regular trading on Thursday. That's almost three times jump in one year. Shares gained almost five percent in afterhours trading to $5.58.
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