Advanced Micro Devices (NASDAQ: AMD) surpassed revenue and earnings expectations for the fourth quarter of 2019. Despite the beat, shares fell 2.5% in aftermarket hours on Tuesday as the outlook came below estimates.
Total revenue of $2.13 billion was up 50% from the same period last year and above forecasts of $2.11 billion. Revenue growth was driven mainly by the Computing and Graphics segment.
GAAP net income was $170 million, or $0.15 per share, compared to $38 million, or $0.04 per share, last year. Adjusted net income was $383 million, or $0.32 per share. Analysts had forecast adjusted EPS of $0.31.
In the Computing and Graphics segment, revenue was $1.66 billion, up 69% year-over-year, driven mainly by strong sales of Ryzen processors and Radeon gaming GPUs. Enterprise, Embedded and Semi-Custom segment revenue was $465 million, up 7% year-over-year driven by higher EPYC processor sales.
For the first quarter of 2020, AMD expects revenue to be approx. $1.8 billion, plus or minus $50 million. Analysts had estimated revenue of $1.86 billion. For the full year of 2020, AMD expects revenue to grow approx. 28-30% over 2019.
Cash, cash equivalents and marketable securities were $1.50 billion at the end of the quarter.
As the coronavirus pandemic rages on, major retailers continue to experience huge demand for food and essential items both in their stores and online. Target Corporation (NYSE: TGT) is one
GameStop Corp. (NYSE: GME) swung to a profit in the fourth quarter of 2019 from a loss last year, helped by lower costs and expenses despite a 28% dip in
Footwear maker Skechers USA, Inc. (NYSE: SKX) lost considerable market value in recent weeks and under-performed the industry, amid growing fears that a recession is imminent. The crisis has left