Advanced Micro Devices Guides Q1, FY22 Revenues Above Street View; Shares Up 10%

(RTTNews) - While reporting financial results for the fourth quarter on Tuesday, Advanced Micro Devices Inc. (AMD) issued outlook for the first quarter and full year 2022. Shares of the company gained over 10% following the news.

For the first quarter of 2022, AMD expects revenue to be approximately $5.0 billion, plus or minus $100 million, an increase of approximately 45 percent year-over-year and approximately 4 percent quarter-over-quarter.

For the full year 2022, AMD expects revenue to be approximately $21.5 billion, an increase of approximately 31 percent over 2021 driven by growth across all businesses.

Analysts polled by Thomson Reuters currently estimate revenues of $4.32 billion and $19.27 billion for the fourth quarter and full year 2022.

AMD closed Tuesday's trading at $116.78, up $2.53 or 2.21%, on the Nasdaq. The stock further gained $12.25 or 10.49% in the after-hours trading.