US chipmaker Advanced Micro Devices saw its net profit increase 2.6-fold in the second quarter, whilst adjusted profit and revenue both exceeded analysts’ expectations.
According to the company’s press release, net profit for April–June stood at $2.3 billion, or $1.38 per share, compared with $872 million, or $0.54 per share, for the same period last year. Earnings excluding one-off items stood at $1.66 per share.
AMD’s quarterly revenue rose by 50 per cent to a record $11.54 billion.
Analysts, whose consensus forecast is provided by FactSet, had expected adjusted earnings of $1.62 per share on revenue of $11.3 billion.
Revenue from the division producing chips for data centres jumped by 107 per cent to $6.72 billion, whilst revenue in the PC components segment rose by 6 per cent to $3.84 billion.
According to AMD’s forecast, third-quarter revenue will be $13 billion, plus or minus $300 million. The consensus forecast among analysts for this figure was $12.5 billion.
The company’s share price fell by 8.8 per cent in after-hours trading on Tuesday following the release of its results.