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AMD stock soared on Wednesday after the company reported better-than-expected earnings and gave strong guidance for the future. The chipmaker’s shares rose as much as 14% in intraday trading.
AMD’s earnings per share of $0.98 beat analysts’ expectations of $0.82. Revenue of $6.5 billion was also above estimates of $6.3 billion.
The company said it expects revenue to grow by 60% in the current quarter.
The strong results were driven by strong demand for AMD’s chips, which are used in a variety of products, including computers, servers, and gaming consoles.
The stock’s jump is a positive sign for the US stock market, which has been under pressure in recent weeks. AMD is a bellwether stock for the technology sector, and its strong performance could help to boost investor confidence.
Sources
www.cnbc.com