AMD's revenue surges as it gains ground on rival Intel
Advanced Micro Devices saw its revenue and profit soar in the first quarter, as the chipmaker continues to see strong growth across its entire product portfolio.
AMD, which is formally headquartered in California but has most of its operations and top executives in Austin, beat Wall Street projections with revenue of $3.45 billion in the first quarter. That was a 93% increase from the same quarter last year. Wall Street analysts had predicted the company revenue of $3.18 billion in the first quarter.
AMD reported net income of $555 million using GAAP standards – industry shorthand for generally accepted accounting principles. Adjusted earnings were 52 cents per share, which topped Wall Street's projections of 44 cents per share.