AMD stock jumps 7% as Q3 revenue rises 45%
AMD's stock jumped 7% in extended trading on Tuesday, thanks to a third-quarter earnings report that beat Wall Street's forecasts.
Revenue soared 45% to $13.38 billion, way above the expected $13.09 billion, with data center sales nearly doubling and driving most of that growth.
AMD forecasts $17B Q4 revenue
AMD's adjusted earnings per share landed at $2.09 (beating the $1.95 estimate), and CEO Lisa Su said, "With our leadership product portfolio and deep customer and supply chain relationships, we are confident in our ability to sustain very strong revenue growth and expanding profitability over the coming years."
Data center revenue now makes up 64% of AMD's total business, up from 47% last year, a big shift also happening at Intel, though its stock dropped due to weaker guidance.
Looking ahead, AMD expects even more growth with a bold $17 billion revenue forecast for the fourth quarter and is investing heavily in AI, including that it has also committed to investing up to $5 billion in Anthropic to boost its data center game even further.