From CNBC: 2024-07-30 21:53:47

Advanced Micro Devices reported better-than-expected quarterly results, with revenue up 9% year over year to $5.84 billion and adjusted EPS rising 19% to 69 cents. The data center business, fueled by AI chip sales, shone. CEO Lisa Su’s leadership and AMD’s AI chip market presence, especially with MI300 chips, are key strengths, despite recent market challenges. Analysts saw a strong future for AMD in both AI chips and personal computers, expecting growth in the PC segment due to new processors and AI capabilities. Despite positive results, market pressure led to a price target reduction to $200. AMD’s stock YTD performance has been rocky, but the company’s data center and client segments showed strong results in the second quarter, with AI chip sales driving data center growth. Revenue was promising, with a positive outlook for the future based on continued business expansion. Third-quarter guidance predicts even more growth with expected revenue of $6.7 billion and gross margins of 53.5%. AMD is poised for continued success in the AI chip market and beyond.



Read more at CNBC:: AMD jumps on earnings report that validates our decision to reinvest in the stock