AMD earnings boosted by Ryzen and crypto mining, stock soars
AMD earnings boosted by Ryzen and crypto mining, stock soars. AMD relieved concerns about its recent growth Wednesday by producing more profit than expected and projecting that revenue growth would accelerate, sending shares higher in after-hours trading.
AMD stock gained about 10% after closing with a 3.8% decline at $9.71. AMD also said that crypto-mining was 10% of overall revenue, a larger portion of sales than AMD had claimed in previous quarters. While executives admitted that they expect a “modest decline” in crypto-related revenue next quarter, the company’s revenue forecast for the second quarter exceeded expectations despite factoring in that decline. Read more here.