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.
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