There was nothing “cryptic” about Advanced Micro Devices’ performance on Wednesday, as the company’s shares surged as much as 10 percent following a strong quarterly report and better-than-expected sales outlook from the chipmaker.
AMD rose to as high as $15.65 share — a level not seen since 2007 — as investors showed enthusiasm for the company’s second-quarter results.
Late Tuesday, AMD reported a profit of 2 cents a share on $1.22 billion in revenue, which surpassed Wall Street analysts’ expectations that AMD would break even on sales of $1.16 billion.
AMD said its results have been helped by its new Ryzen processors, Epyc chips used in data centers and Vega graphics processors.
One thing that is giving AMD a boost is something the average person might not know about, or even think is real: cryptocurrency.
The rise in prices of such digital currency has been a boon to AMD.