AMD is trading higher Wednesday morning after the company late Tuesday announced better-than-expected second-quarter financial results and issued third-quarter guidance above estimates.
AMD reported quarterly earnings of 63 cents per share, which beat the estimate of 54 cents per share. The company reported quarterly revenue of $3.85 billion, which beat the estimate of $3.62 billion. AMD said it expects third-quarter revenue to be in a range of $4 billion to $4.2 billion, which was higher than the estimate of $3.82 billion.
"Our business performed exceptionally well in the second quarter as revenue and operating margin doubled and profitability more than tripled year-over-year,” said Lisa Su, president and CEO of AMD.
Analyst Assessment: Rosenblatt analyst Hans Mosesmann maintained AMD with a Buy rating and raised the price target from $135 to $150.
Susquehanna analyst Christopher Rolland maintained AMD with a Positive rating and raised the price target from $125 to $130.
Price Action: AMD has traded as high as $99.23 and as low as $67.02 over a 52-week period.
At last check Wednesday, the stock was up 5% at $95.6.
