AMD stock rallies more than 4% on earnings beat

Advanced Micro Devices Inc. shares surged in the extended session Tuesday after the chip maker’s results topped Wall Street estimates.

AMD AMD shares rallied more than 4% after hours, following a 2.9% gain to close the regular session at $117.66. Analysts surveyed by FactSet expect adjusted second-quarter earnings of 57 cents a share on revenue of $5.32 billion. The company had forecast $5 billion to $5.6 billion in revenue and second-quarter gross margins of about 50%.

“Looking to the third quarter, we expect our Data Center and Client segment revenues to each grow by a double-digit percentage sequentially driven by increasing demand for our EPYC and Ryzen processors, partially offset by Gaming and Embedded segment declines,” said Jean Hu, AMD’s chief financial officer, in a statement.

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