Computer chip producer AMD has seen its revenue growth skyrocket by 99 percent over the second quarter of 2021.
Over the quarter ending June 30, the tech giant brought in $3.85 billion USD in revenue along with $778 million USD in net income, equating to 63 cents per share, which beat out previous expectations of 54 cents per share. The company has seen massive success in recent years as its processors and graphics cards continue to gain market share from its main competitor Intel.
“Our business performed exceptionally well in the second quarter as revenue and operating margin doubled and profitability more than tripled year-over-year,” said AMD CEO Lisa Su in a statement. “We are growing significantly faster than the market with strong demand across all of our businesses. We now expect our 2021 annual revenue to grow by approximately 60% year-over-year driven by strong execution and increased customer preference for our leadership products.”
Share prices of AMD rose 7.6 percent following the publication of its financial earnings report, bringing it up to a record high of $97.93 USD and ending a two-day losing streak.
In other related news, Google’s parent company Alphabet also saw a 62 percent surge in revenue over the past quarter.