Advanced Micro Devices Inc. (AMD) recently reported a significant rise in its fourth-quarter profits compared to the previous year, exceeding Wall Street's expectations.
The tech company revealed its earnings equaled $667 million or $0.41 per share, a stark increase from last year's fourth quarter, which stood at $21 million or $0.01 per share.
After excluding certain elements, AMD's adjusted earnings reached $1.25 billion or $0.77 per share for the period under review. Analysts had on average predicted the company would earn around $0.71 per share, as per the data aggregated by Thomson Reuters. These estimates typically do not incorporate exceptional items.
AMD's revenue rose by 10.2% to $6.17 billion in the quarter, a boost from $5.60 billion in the corresponding period last year.
Providing a synopsis of AMD's earnings as per the generally accepted accounting principles (GAAP), the fourth-quarter earnings stood at $667 million, contrasted with $21 million last year. Similarly, the earnings per share (EPS) for the fourth quarter stood at $0.41 in contrast to the $0.01 reported the previous year.
The company's revenue for the fourth quarter stood at $6.17 billion, marking an increase from last year's $5.60 billion.
AMD's revenue guidance for the next quarter is projected to be between $5.1 billion and $5.7 billion.
