American Transnational IT firm Advanced Micro Devices (AMD) over delivered on Wall Street expectations for earnings, the company confirmed in a press release on April 30.
AMD, which had previously seen volatility in its performance amid challenging 2018 market conditions, posted an adjusted share price of $0.06, 1 cent above the target.
The knock-on effect among investors was immediately palpable, with the company’s share price spiking more than 5% in the hours after the data was published.
“We delivered solid first quarter results with significant gross margin expansion as Ryzen and EPYC processor and datacenter GPU revenue more than doubled year-over-year,” president and CEO Dr. Lisa Su commented. She added:
“We look forward to the upcoming launches of our next-generation 7nm PC, gaming and datacenter products which we expect to drive further market share gains and financial growth.”