AMD: Time to Buy This Hot Growth Stock
Advanced Micro Devices (NASDAQ: AMD) wowed Wall Street with its fourth-quarter results, posting huge year-over-year growth in revenue and earnings thanks to solid demand for its products across various verticals.
The chipmaker's revenue jumped 53% year over year in the fourth quarter to $3.24 billion. This was the first time AMD's quarterly revenue crossed the $3 billion level. Non-GAAP net income jumped 66% to $636 million, and earnings per share soared to $0.52 from $0.32 in the prior-year period. Analysts were expecting AMD to earn $0.47 per share on revenue of $3.03 billion.
AMD believes this terrific momentum will continue in the new year, primarily driven by growth in the data center, video gaming, and the personal computer (PC) businesses. These segments could help AMD deliver more upside in 2021. Let's see how.
Source Fool.com
