AMD adjusted Q2 EPS 14c vs Street’s 12c view

AMD adjusted Q2 EPS 14c vs Street's 12c view


AMD shares rally on earnings beat

Advanced Micro Devices Inc. shares rallied in the extended session Wednesday after the chipmaker’s quarterly results topped Wall Street estimates. AMD shares surged 6.5% after hours, after closing down 0.9% at $16.05 in the regular session. The company reported second-quarter net income of $116 million, or 11 cents a share, compared with a loss of $42 million, or 4 cents a share, in the year-ago period. Adjusted earnings were 14 cents a share. Revenue rose to $1.76 billion from $1.15 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 12 cents a share on revenue of $1.72 billion. “We had an outstanding second quarter with strong revenue growth, margin expansion and our highest quarterly net income in seven years,” said Lisa Su, AMD president and chief executive, in a statement. For the third quarter, AMD estimates revenue of $1.65 billion to $1.75 billion, while analysts expect revenue of $1.76 billion.

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