Advanced Micro Devices (AMD), the United States transnational IT firm, over-delivered on Wall Street expectations for earnings. The company confirmed the above developments in a press release on April 30.
Advanced Micro Devices, which had beforehand seen unpredictability in its performance in the midst of challenging 2018 market circumstances, posted an adjusted share price of $0.06. It is to be noted that the mentioned adjusted share price is one cent above the target.
The knock-on effect between investors was straight away blatant, with the company’s share price surging more than five percent in the hours after the data was published.
AMD’s president and CEO Dr. Lisa Su commented that they delivered solid 1st quarter results with noteworthy gross margin expansion as Ryzen and EPYC processor and datacenter GPU revenue more than doubled YOY (Year-Over-Year). She further added that they look forward to the approaching launches of their next-generation 7nm PC, gaming and datacenter products which they expect to drive additional market share gains and financial magnification.
It is to be noted that AMD experienced a rocky 2018, like many hardware manufacturers. Furthermore, the situation was made inferior by the persisting cryptocurrency and digital asset bear market. The aforementioned situation decreased demand for associated mining hardware components.
As several crypto media outlets have reported, experts had warned the crypto winter could continue to cause a headache for the company, along with others like Nvidia. Notably, Nvidia has nevertheless also seen a turnaround in its fortunes for 2019 Quarter 1.
Bitcoin, in the intervening time, continues to trade above $5,000, buoying sentiment that the bear market is surely over after holding on to support around that level throughout April. At the time of reporting, BTC is changing hands at a price of $5390, according to coinmarketcap.