Advanced Micro Devices Q1 Profit Surges, Lifts FY Revenue Outlook

(RTTNews) - Advanced Micro Devices Inc. (AMD) Tuesday reported first-quarter net income of $555 million or $0.45 per share, up from $162 million or $0.14 per share last year.

Adjusted earnings for the quarter rose to $642 million or $0.52 per share from $222 million or $0.18 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter surged 93% to $3.45 billion from $1.79 billion last year. Analysts had a consensus revenue estimate of $3.21 billion for the quarter.

Revenue growth was driven by higher revenue in both the Computing and Graphics and Enterprise, Embedded and Semi-custom segments.

"Our business continued to accelerate in the first quarter driven by the best product portfolio in our history, strong execution and robust market demand," said Dr. Lisa Su, AMD president and CEO. "We had outstanding year-over-year revenue growth across all of our businesses and data center revenue more than doubled. Our increased full-year guidance highlights the strong growth we expect across our business based on increasing adoption of our high-performance computing products and expanding customer relationships."

Looking forward to the second quarter, AMD expects revenues to be about $3.6 billion, plus or minus $100 million. Analysts currently estimate revenues of $3.29 billion for the quarter.

For the full year, AMD now expects revenue growth of around 50 percent over 2020 driven by growth in all businesses, up from prior guidance of about 37 percent annual growth. Analysts currently estimate revenue growth of 39 percent.