SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Advanced Micro Devices Inc. (AMD) on Tuesday reported third-quarter profit of $771 million.
The Santa Clara, California-based company said it had net income of 47 cents per share. Earnings, adjusted for one-time gains and costs, came to 92 cents per share.
The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 91 cents per share.
The chipmaker posted revenue of $6.82 billion in the period, also surpassing Street forecasts. Fourteen analysts surveyed by Zacks expected $6.71 billion.
For the current quarter ending in December, Advanced Micro said it expects revenue in the range of $7.2 billion to $7.8 billion.
Advanced Micro shares have risen 13% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $166.25, an increase of 73% in the last 12 months.