AMD Jumps on Earnings, Boosts Revenue as Revenue Grows 71% in Xilinx Deal By Investing.com

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© REUTERS AMD (AMD) jumps on Beat-and-Raise profits as revenue grows 71% under Xilinx deal

Shares of AMD (AMD) gained more than 5% after hours on Tuesday after a strong first quarter.

Non-GAAP net income for the first quarter was $1.13 per share, well above the consensus of $0.91. Revenue increased 71% to $5.9 billion and includes partial quarterly financial results from the merger with Xilinx (NASDAQ:).

“The first quarter marked an important inflection point in our journey to grow and transform AMD, as we achieved record revenue and closed our strategic acquisition of Xilinx,” said the President and CEO. from AMD, Dr. Lisa Su. “Each of our businesses experienced significant double-digit year-over-year growth, driven by EPYC server processor revenue which more than doubled for the third consecutive quarter. AMD’s organic growth and the addition of Xilinx’s growing business.”

For the second quarter, AMD expects revenue to increase approximately 69% year-over-year and approximately 10% quarter-over-quarter to $6.3-6.7 billion , or $6.5 billion at the midpoint, above the consensus of $6.38 billion. The increase is expected to be due to the addition of Xilinx and increased server, semi-custom and client revenue.

For the year, AMD sees its revenue increase by about 60% to $26.3 billion against a consensus of $25.15 billion. Results are seen through the addition of Xilinx and increased server and semi-custom revenue.

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