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AMD shares soar after semi-conductor company's first-quarter profits exceeds expectations

AMD's earnings swung to a profit of $0.11, compared with a loss a year ago

semi-conductor chips
AMD is up 8.4% in post-market trade

Shares of Advanced Micro Devices (NASDAQ:AMD), the U.S. semiconductor company, rallied in post-market trade Wednesday after the group’s first-quarter profit exceeded Wall Street’s estimates.

For the first three months of the year, AMD’s net income was $121 million, up from $2 million in the year-ago quarter. Its diluted earnings were $0.08 per share, compared with a loss of $0.04 a per share a year ago and $0.02 in the prior quarter. On an adjusted basis, the company earned US$0.11 per share.

Revenue climbed to US$1.65bn, up from US$1.18bn in the year-ago quarter

Analysts had expected Advanced Micro Devices to report earnings of $0.09 per share on revenue of US$1.6bn. 

AMD is also forecasting higher revenue in the second quarter than analysts expected and is projecting revenue of $1.68bn to $1.78bn, while analysts had been expecting $1.58 billion.

The semiconductor industry is having its share of troubles as companies like Google, Apple and Facebook are now putting more money towards making chips themselves.

Shares in AMD closed down 3.85% at US$9.71, but later climbed 8.4% after the bell to US$10.53.

Quick facts: Advanced Micro Devices, Inc.

Price: 56.72 USD

NASDAQ:AMD
Market: NASDAQ
Market Cap: $66.44 billion
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