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Investing.com – Advanced Micro Devices surged in after-hours trade on Tuesday as the chipmaker raised its full-year revenue forecast after reporting second-quarter results that beat analysts’ forecasts, led by record notebook and server processor sales.
AMD said it now expects 2020 revenue to grow by approximately 32% year-on-year, driven by strength in PC, gaming and data center products. Non-GAAP gross margin was expected to be approximately 45%.
Advanced Micro Devices (NASDAQ:AMD) was up 8.2% in after-hours trade.
AMD announced earnings per share of 18 cents on revenue of $1.93 billion. Analysts polled by Investing.com anticipated EPS of 16 cents on revenue of $1.85 billion.
“We delivered strong second quarter results, led by record notebook and server processor sales as Ryzen and EPYC revenue more than doubled from a year ago,” said Dr. Lisa Su, AMD president and chief executive. “Despite some macroeconomic uncertainty, we are raising our full-year revenue outlook as we enter our next phase of growth driven by the acceleration of our business in multiple markets.”
