5 Stocks Drawing Attention After Posting Their Financial Results

3. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 69

Advanced Micro Devices, Inc. (NASDAQ:AMD) recently crushed profit and sales expectations for the first quarter amid strong growth across its flagship segments. The semiconductor giant reported adjusted earnings of $1.13 per share, significantly higher than 52 cents per share in the year-ago period.

Revenue for the quarter climbed 71 percent on a year-over-year basis to $5.89 billion. Analysts were expecting Advanced Micro Devices, Inc. (NASDAQ:AMD) to earn 91 cents per share on revenue of $5.52 billion.

Advanced Micro Devices, Inc. (NASDAQ:AMD) also released its segment-wise sales results. Revenue from the Computing and Graphics business climbed 33 percent to $2.8 billion, while revenue from the Enterprise, Embedded and Semi-Custom division soared 88 percent to $2.5 billion in the quarter.

Looking forward, Advanced Micro Devices, Inc. (NASDAQ:AMD) expects to generate revenue of approx. $6.5 billion for the second quarter. The outlook represents a growth of 69 percent over the same period of 2021. It is also above analysts’ average estimate of $6.38 billion.

Speaking on the results, CEO Dr. Lisa Su said:

“The first quarter marked a significant inflection point in our journey to scale and transform AMD as we delivered record revenue and closed our strategic acquisition of Xilinx. Each of our businesses grew by a significant double digit percentage year-over-year, led by EPYC server processor revenue more than doubling for the third straight quarter.”