By Liz Moyer
Investing.com -- Advanced Micro Devices Inc (NASDAQ:AMD) beat expectations for fourth-quarter revenue and profit and forecast current-quarter revenue that was in line with expectations.
The chip maker reported fourth-quarter revenue of $5.6 billion, beating expectations for $5.5B. Earnings per share of 69 cents was two cents better than expectations. Revenue was up 16% from the fourth quarter a year earlier.
AMD said revenue in the quarter was driven primarily by growth across its embedded and data center businesses and partially offset by lower revenue from chips for laptops, PCs, and gaming systems.
Shares of AMD rose 3.7% in after-hours trading and are up 16% so far this year.
For the full year 2022, the company reported a 44% gain in revenue, to $23.6B, while operating expenses rose 120%. Adjusted earnings per share of $3.50 for the year was up 25% from the prior year.
AMD forecast revenue for the current quarter of $5B to $5.6B, which would be as much as 10% below fourth-quarter levels but is mostly in line with expectations for $5.5B.
CEO Lisa Su called it a strong year despite the weak environment for PC demand in the second half of the year.
"We accelerated our data center momentum and closed our strategic acquisition of Xilinx, significantly diversifying our business and strengthening our financial model,” Su said in a statement “Although the demand environment is mixed, we are confident in our ability to gain market share in 2023 and deliver long-term growth based on our differentiated product portfolio.”