Why AMD Stock Gained This Morning
Shares of Advanced Micro Devices (NASDAQ: AMD) gained as much as 5% this morning after the company reported first-quarter earnings results. As of 11:50 a.m. EDT, the stock had given back those gains and was down less than 1%.
Revenue in the first quarter soared by 93% to $3.4 billion, which was ahead of the $3.2 billion in sales that analysts were expecting. That resulted in adjusted earnings per share of $0.52, also topping Wall Street's forecast of $0.44 per share in adjusted profits. The semiconductor company has been expectedly impacted by the global chip shortage that has constrained many industries.
Image source: AMD.
Source Fool.com
