by Luzi Ann Santos | moomoo News
$Advanced Micro Devices (AMD.US)$ shares advanced more than 5% in after-hours trading as the company gave a third quarter outlook that was better than expected and reported second quarter earnings and revenue that beat estimates.
The company forecast revenue of $6.7 billion, plus or minus $300 million for the third quarter, according to its press release. That midpoint is higher than the $6.6 billion average of analyst estimates compiled by Bloomberg.
Adjusted gross margin was seen reaching 53.5% in the third quarter, slightly below 53.83% expected by analysts, according to Bloomberg data.
For the second quarter, the company reported adjusted earnings of 69 cents on revenue of $5.8 billion. That compares with the average estimate of $0.68 in adjusted earnings per share and quarterly revenue of $5.7 billion.
Data center revenue more than doubled to $2.83 billion, driven by the steep ramp up of shipments of AMD graphic processing units and strong growth in its fourth generation AMD EPYC CPU sales. That surpassed the $2.75 billion average of analysts' estimates compiled by Bloomberg.
