AMD's stock soars 15% as data center growth pushes revenue and guidance past estimates
AMD's earnings report lands as investors rush into the stock on optimism that the AI boom is just getting started.
AI Summary
AMD reported first-quarter earnings that exceeded expectations, with adjusted earnings per share of $1.37 versus $1.29 expected and revenue of $10.25 billion versus $9.89 billion expected. Data center revenue jumped 57% year-over-year to $5.8 billion, becoming the primary driver of the company's growth, and AMD forecasted second-quarter revenue of $11.2 billion, also beating the $10.52 billion estimate. The strong results reflect growing demand for AI chips, with CEO Lisa Su noting the company expects server growth to accelerate as it scales supply to meet demand.