By Yasin Ebrahim
Investing.com – Advanced Micro Devices (NASDAQ:AMD) reported Tuesday fourth-quarter earnings and revenue that beat Wall Street estimates as ongoing chip demand bolstered growth in its data center business.
AMD shares gained more than 9% in after-hours trade following the report.
AMD reported EPS of 92 cents on revenue of $4.83 billion. Analysts polled by Investing.com anticipated EPS of 76 cents on revenue of $4.52 billion.
“Each of our businesses performed extremely well, with data center revenue doubling year-over-year driven by growing adoption of AMD EPYC processors across cloud and enterprise customers,” the company said.
Looking ahead, the company guided fiscal first quarter revenue of $5B, give or take $100 million, an increase of about 45% year-on-year. That compared with estimates for $4.35 billion.
For the full-year 2022, revenue was expected to be about $21.5 billion up 31% year-on-year, compared with consensus estimates of $19.26 billion
“We expect another year of significant growth in 2022 as we ramp our current portfolio and launch our next generation of PC, gaming and data center products,” AMD said.