AMD reported third-quarter earnings after the bell on Tuesday, with earnings and revenue beating analyst expectations, and a strong forecast for the fourth quarter.
The stock fell about 0.6% in extended trading.
Here's how the chipmaker did against Refinitiv consensus estimates for the quarter ending Oct. 2:
- EPS: $0.73, adjusted, versus $0.67 expected, up 16% year-over-year.
- Revenue:$4.31 billion, versus $4.12 billion expected, up 54% year-over-year
AMD said it expected $4.5 billion in sales in the fourth quarter, ahead of analyst expectations of about $4.25 billion in sales in the quarter. AMD is forecasting 39% annual growth in the fourth quarter.
It also raised its annual revenue growth forecast to 65% from 60%, after beating expectations for third-quarter sales.
The quarterly performance was driven by a 44% surge in the computing and graphics business that includes graphic chip sales to data centers and accounts for most of the revenue.
"The data center business has performed very well, and we see strong demand there," Chief Executive Lisa Su said on a post-earnings call.
The PC market may be "flattish as we go from 2021 into 2022," while demand for chips used in Microsoft Corp's Xbox gaming console and Sony Corp's PlayStation will stay strong, she said.
The company's net income rose to $923 million, or 75 cents per share, in the quarter, from $390 million, or 32 cents per share, a year earlier.
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