The hardware manufacturer beat Wall Street expectations on adjusted earnings, as executives remain upbeat about the coming quarter.
United States transnational IT firm Advanced Micro Devices (AMD) over delivered on Wall Street expectations for earnings, the company confirmed in a press release on April 30.
AMD, which had previously seen volatility in its performance amid challenging 2018 market conditions, posted an adjusted share price of $0.06, 1 cent above the target.
The knock-on effect among investors was immediately palpable, with the company’s share price spiking more than 5% in the hours after the data was published.
“We delivered solid first quarter results with significant gross margin expansion as Ryzen and EPYC processor and datacenter GPU revenue more than doubled year-over-year,” president and CEO Dr. Lisa Su commented. She added:
“We look forward to the upcoming launches of our next-generation 7nm PC, gaming and datacenter products which we expect to drive further market share gains and financial growth.”
Like many hardware manufacturers, AMD experienced a rocky 2018, a situation made worse by the persisting cryptocurrency bear market, which reduced demand for associated mining hardware components.
As Cointelegraph reported, experts had warned the crypto winter could continue to cause a headache for the company, along with others such as Nvidia, which has nonetheless also seen a reversal in its fortunes for Q1 2019.
Bitcoin (BTC), meanwhile, continues to trade above $5,000, buoying sentiment that the bear market is definitively over after holding on to support around that level throughout April.
