Advanced Micro Devices Inc. (NASDAQ:AMD) shares rallied in early trading on Wednesday, having retreated on Tuesday even though the chipmaker's quarterly results and outlook – released after-hours - topped forecasts.
The Nasdaq-listed company reported fourth-quarter net income of US$61mln, or 6 US cents a share, compared with a loss of US$51mln, or 6 US cents a share a year earlier.
That beat consensus estimates for earnings of 5 US cents, with the tech group’s adjusted earnings coming in at 8 US cents a share.
AMD’s fourth-quarter revenue rose to US$1.48bn, up from US$1.11bn at the same stage last year, and also beating the consensus estimate of US$1.41bn.
The chipmaker said it estimates its first-quarter revenue to be US$1.5bn to US$1.6bn, above the current consensus estimate of US$1.25bn.
AMD shares dropped 5% in after-hours trade on Tuesday, reflecting big falls on Wall Street, but with the market bouncing back on Wednesday, the shares were up 5.5% in early trading at US$13.58.
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