Chipmaker Advanced Micro Devices (AMD) late Tuesday beat Wall Street’s targets for the third quarter and pointed higher for the current period. AMD stock rose in extended trading.
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The Santa Clara, Calif.-based company earned an adjusted 73 cents a share on sales of $4.31 billion in the September quarter. Analysts had expected AMD earnings of 66 cents a share on sales of $4.11 billion, according to FactSet. On a year-over-year basis, AMD earnings jumped 78% while sales climbed 54%.
For the current quarter, AMD expects to generate sales of $4.5 billion vs. Wall Street’s estimate of $4.25 billion. That would translate to year-over-year sales growth of 39%.
AMD’s data-center processor sales more than doubled year over year in the third quarter, Chief Executive Lisa Su said in a news release. Shipments of AMD’s third-generation Epyc server chips „ramped significantly in the quarter,“ she said.
AMD Outpacing Market
„Our business significantly accelerated in 2021, growing faster than the market based on our leadership products and consistent execution,“ Su said.
In after-hours trading on the stock market today, AMD stock rose 0.2%, near 123.20. During the regular session Tuesday, AMD stock tacked on 0.5% to close at 122.93.
In intraday trading, AMD stock hit a record high of 127.20.
AMD Stock On Multiple IBD Watchlists
On Oct. 18, AMD stock broke out of a double-bottom base at a buy point of 114.59, according to IBD MarketSmith charts. Advanced Micro Devices was the IBD Stock Of The Day on Oct. 13.
AMD stock is on the Leaderboard and IBD 50 stock lists. It’s also on the Big Cap 20, IBD Sector Leaders and Stock Spotlight watchlists.
Elsewhere in the semiconductor sector, chipmaker Texas Instruments (TXN) also reported third-quarter results late Tuesday.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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