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AMD Stock Rises On Second-Quarter Beat

Advanced Micro Devices (AMD) late Tuesday beat Wall Street’s targets for the second quarter, helped by growing sales of chips for artificial intelligence. AMD stock jumped in extended trading.

The Santa Clara, Calif.-based company earned an adjusted 58 cents a share on sales of $5.36 billion in the June quarter. Analysts polled by FactSet had expected earnings of 57 cents a share on sales of $5.32 billion. However, on a year-over-year basis, AMD earnings dropped 45% while sales declined 18%.

“We delivered strong results in the second quarter as 4th Gen Epyc and Ryzen 7000 processors ramped significantly,” Chief Executive Lisa Su said in a news release.