Advanced Micro Devices (AMD) reported a strong Q1 on October 25, 2023, with sales reaching $10.25 billion, a 38% year-over-year increase, surpassing estimates of $9.85 billion. The company’s adjusted net income was $2.3 billion, or $1.37 per share, exceeding expectations of $1.30 and reflecting a 43% jump from $0.96 in the previous year.
Following this announcement, AMD shares spiked over 20% in early trading, hitting a new all-time high of $430. The surge in demand for AI-related data center chips contributed to AMD’s growth, which also includes a forecast of Q2 revenue between $10.9 billion and $11.5 billion, well above Wall Street’s consensus of $10.44 billion. Moreover, AMD expects the server CPU market to exceed $120 billion by 2030, nearly doubling its initial growth projections.
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