AMD Shares Rally 20% As Results, Outlook Top Estimates

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.