AMD shares rose Against the background of a strong quarter and higher forecasts

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AMD shares rose Against the background of a strong quarter and higher forecasts

05.08.2020 News

Shares of Advanced Micro Devices, increased on 47.4% since the beginning of the year, rose on 10% after the announcement of the financial results of the 2nd quarter, which ended on June 27, and the publication of optimistic forecasts, despite the pandemic.

The report was preceded by a sharp rise in shares of AMD after a disappointing announcement from Intel (INTC) about the delay in the release of 7-nm. edition of chips for the next-generation, while AMD already supplies 7-nm chips for computers.

For the 2nd quarter, Advanced Micro Devices reported about earnings per share increase to $ 0.18, which is $ 0.02 higher than the analytical estimate of $ 0.16.

The amount of quarterly profit (net income) increased to $ 157 million compared to $ 35 million for the same period a year earlier.

Total revenue rose on 26% to $ 1.93 billion, which means above analysts’ average estimates of $ 1.86 billion.

Sales of central and graphics chips AMD increased by 45% (compared to last year’s value) to $ 1.37 billion, which is slightly higher than analysts expect of $ 1.36 billion.

Sales of enterprise embedded and semi-standard chips – a division that includes revenue from server chips and game console chips –dropped down from 4% to $ 565 million, but appeared significantly higher than analysts’ average forecasts of $ 485.5 million.

CEO Lisa Su commented on the financial report and said that despite the “macroeconomic uncertainty”, the company expects an annual income to grow by 32% compared to last year, which is higher than the previous growth forecast of 25%, plus or minus 5%.

This increase was driven by high expectations for sales of EPYC server processors and game console chips from Microsoft (MSFT) and Sony, as well as Ryzen processors.

“We forecast significant growth in the second half of the year as we expect the release of the new PlayStation 5 and Xbox Series X consoles,” Su asserted.

In the third quarter, AMD expects revenue of $ 2.45 billion to $ 2.65 billion, compared with analysts’ expectations of $ 2.32 billion.

With respect to total 2020 AMD expects revenue growth of approximately 32% to $ 8.9 billion, while Wall Street estimates expect an increase by 25% this year to $ 8.4 billion.

“We are on the path for rapid growth in the second half of the year thanks to our current product portfolio and the initial supply of our next-generation Zen 3 and GPU RDNA 2 processors, which are scheduled to launch in late 2020,” said Lisa Su

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