By Maria Armental

 

Advanced Micro Devices Inc.'s fourth-quarter results and financial projections beat Wall Street projections, driven by strong demand for personal-computers, gaming and data center products amid the coronavirus pandemic. Here's what you need to know:

PROFIT: Net income for the quarter surged to $1.78 billion, or $1.45 a share, from $170 million, or 15 cents a share, a year earlier. Excluding roughly $1.3 billion tax benefit related to a valuation allowance release and other items, profit rose to 52 cents a share from 32 cents a share a year earlier. Analysts surveyed by FactSet expected 40 cents a share, or 47 cents a share as adjusted.

REVENUE: Revenue for the quarter rose to $3.24 billion from $2.13 billion a year earlier. AMD projected about $3 billion, while analysts recently expected $3.03 billion.

YEAR: AMD ended the year at a profit of $2.49 billion on a record $9.76 billion in revenue, compared with a profit of $341 million and $6.73 billion in revenue a year earlier.

OUTLOOK: AMD projects about $3.2 billion in revenue this quarter and about a 37% revenue increase for 2021. Analysts' project a smaller increase at roughly $2.72 billion in revenue for the quarter and $12.26 billion for the year.

CEO: "Our 2021 financial outlook highlights the strength of our product portfolio and robust demand for high-performance computing across the PC, gaming and data center markets," Chief Executive Lisa Su said in a statement.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

January 26, 2021 17:18 ET (22:18 GMT)

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