AMD Shares Rally 20% As Results, Outlook Top Estimates

By Wallace WitkowskiMarketWatch Pulse

Advanced Micro Devices Inc. shares rallied in the extended session Thursday after the chip maker's quarterly results and outlook topped Wall Street estimates. AMD shares jumped 20% to $3.13 after hours on heavy volume. The company reported an adjusted loss of 12 cents a share on revenue of $832 million for the first quarter. Analysts surveyed by FactSet had forecast a loss of 13 cents a share on revenue of $818.4 million. For the second quarter, AMD said it expects revenue to rise sequentially by 12% to 18%, which would be $931.8 million to $981.8 million. Analysts had estimated $889.7 million.

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