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Advanced Micro Devices (AMD) stock soared on Thursday after the company beat earnings expectations for the third quarter. AMD reported earnings per share of $0.73 on revenue of $5.3 billion, beating analysts’ expectations of $0.62 per share on revenue of $5.06 billion. The company’s strong earnings were driven by strong demand for its Ryzen processors and Radeon graphics cards.
AMD’s stock price has more than doubled in the past year, and it is now one of the best-performing stocks in the semiconductor industry. The company is benefiting from the global chip shortage, which has driven up demand for its products. AMD is also gaining market share from Intel, its main rival in the CPU market.
Analysts are bullish on AMD’s future. They expect the company to continue to grow its revenue and earnings in the coming quarters. AMD is well-positioned to capitalize on the growing demand for semiconductors, and its stock is a good investment for investors who are looking for growth.
Sources
www.cnbc.com