Advanced Micro Devices reported its second-quarter results after Tuesday’s closing bell.
The company posted adjusted earnings of $US0.02 per share on revenue of $US1.22 billion. Both were ahead of Wall Street expectations as analysts were looking for earnings of $US0.001 per share on revenue of $US1.16 billion.
AMD has a record of beating Wall Street’s expectations. For the last eight quarters, AMD has exceeded Wall Street expectations.
AMD has received a boost from cryptocurrency mining this year. Bitcoin and Ethereum have both exploded in value, and miners hoping to grab a share of these currencies have been buying up graphics processing units in droves from AMD and rival Nvidia.
Ahead of the report, millennial investors on the Robinhood platform have been selling shares more often than buying them, according to data from the company.
AMD shares are up about 8% post-earnings, and 35% this year.