Keep an eye on Advanced Micro Devices (AMD)
Just moments ago, the tech stocks jumped above $100 a share after being wildly oversold.
In addition, not only has growth been explosive, but the company continues to chip away at competitor market share, which should continue for some time.
Also, the tech company recently blew earnings out of the water.
EPS came in at an adjusted $1.11, as compared to estimates for 91 cents – a year over year jump of 117%. Revenue was up 71% to $5.89 billion, which was also above expectations for $5.52 billion. As for the current quarter, AMD said it expects $6.5 billion in sales, which is also above expectations for $6.38 billion.
“Although the PC market is experiencing some softness coming off multiple quarters of near-record unit shipments, our focus remains on the premium, gaming and commercial portions of the market where we see strong growth opportunities and expect to continue gaining overall client revenue share,” AMD CEO Lisa Su said, as quoted by CNBC, adding that AMD believes that it has gained market share in PC chips for eight straight quarters.
From a current price of $100.15, we’d like to see AMD challenge $120, near-term.