Advanced Micro Devices, Inc. (NASDAQ:AMD) shares are trading higher Friday amid sympathy with Intel Corporation (NASDAQ:INTC) after the company reported first-quarter financial results on Thursday after the market closed.
- Advanced Micro stock is at critical resistance. Why are AMD shares at highs?
Q1 Highlights
Intel reported adjusted earnings per share of 29 cents, beating the consensus estimate of 1 cent. In addition, it reported revenue of $13.57 billion, beating the consensus estimate of $12.42 billion.
Intel said Data Center and AI revenue rose 22% year-over-year, reflecting continued strength in demand for AI-driven workloads and CPU infrastructure.
"We delivered robust Q1 results, reflecting the growing and essential role of the CPU in the AI era and unprecedented demand for silicon, as well as our disciplined execution to expand available supply. We remain focused on maximizing our factory network to improve available supply and meet our customers' needs throughout the year," said Intel CFO David Zinsner.
Intel expects second-quarter adjusted earnings per share of 20 cents, versus the consensus estimate of 9 cents. Furthermore, it anticipates revenue of $13.80 billion to $14.80 billion, versus the consensus estimate of $13.06 billion.
AI, CPU Demand Strength Lifts Semiconductor Sentiment
The results highlighted strong demand trends in CPUs and AI-related infrastructure, lifting sentiment across the semiconductor space. AMD shares appear to be gaining in sympathy as investors react to the upbeat outlook and signs of improving demand in the broader chip market.
Advanced Micro Shares Rise
AMD Price Action: At the time of publication, Advanced Micro shares are trading 11.24% higher at $339.65, according to data from Benzinga Pro.
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