AMD Jumps on Beat-and-Raise Earnings as Revenues Rise 71% Amid Xilinx Deal -Breaking
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© REUTERS AMD (AMD) Jumps on Beat-and-Raise Earnings as Revenues Rise 71% Amid Xilinx DealAMD (AMD), shares rose more than 5% Tuesday after a beat-and-raise quarter.
Non-GAAP Net Income in Q1 was $1.13 per Share, far above consensus estimates of $0.91. Revenue rose 71%, to $5.9 Billion. This includes partial quarter financial results of the Xilinx merger (NASDAQ:).
AMD CEO and Chair Dr. Lisa Su said, “The first quarter was a pivotal point in our journey towards scaling and transforming AMD. We delivered record revenues and closed our strategic purchase of Xilinx.” Each of our businesses saw significant growth year-over-year. This was led by EPYC’s server processor revenues more than doubling for third consecutive quarter. Our leadership products are still in high demand. We have increased our full-year guidance to reflect higher AMD organic growth as well as the addition of the growing Xilinx company.
AMD expects to see revenue rise by approximately 69% and 10% quarter-over quarter for the second quarter. This is compared with the consensus estimate of $6.38 trillion. This increase will be driven by the acquisition of Xilinx, as well higher client, semi-custom, and server revenue.
AMD expects to see revenue rise by approximately 60% to $26.3 Billion for the year, compared with the $25.15 billion consensus. These results can be attributed to the increase in Xilinx, higher revenue from semi-custom and server sales.
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