AMD reported earnings that beat analysts’ estimates, signaling the chipmaker’s promising new products are starting to help it claw back market share, according to Bloomberg.
Second-quarter net income was $116 million, or 11 cents a share, compared with a loss a year earlier. It was the company’s highest quarterly net income in seven years, AMD said in a statement. Analysts had forecast profit of $108.6 million. Revenue rose 53 percent to $1.76 billion, also beating estimates.
The shares rose 7 percent in extended trading. Third-quarter revenue will be about $1.7 billion, plus or minus $50 million, the Santa company said. That compares with an average analyst estimate of $1.76 billion.
Under CEO Lisa Su, AMD has dragged itself back from the brink of running out of cash, and rolled out new chip designs it says can win back customers. Investors who bid up the stock more than 50 percent this year have been seeking evidence that it’s doing that.
“Our long-term technology bets position us very well for the future.“ Su said in the statement. “We are confident that with the continued execution of our product roadmaps, we are on an excellent trajectory to drive market share gains and profitable growth.
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