The chipmaker also recorded operating income of $831 million, net income of $710 million and diluted earnings per share of $0.58
American chipmaker Advanced Micro Devices (AMD) reported record growth in the second quarter of 2021, with revenue of $3.85 billion– a whopping 99 per cent year-over-year and 12 per cent quarter-over-quarter growth. The tremendous growth was driven by higher revenue in both the Computing and Graphics segment and Enterprise and Embedded and Semi-custom segment.
The chipmaker also recorded operating income of $831 million, net income of $710 million and diluted earnings per share of $0.58.
Computing and Graphics segment revenue was $2.25 billion, up 65 per cent year-over-year and 7 per cent quarter-over-quarter driven by higher client and graphics processor sales.
Enterprise, Embedded and Semi-Custom segment revenue was $1.60 billion, up 183 per cent year-over-year and 19 per cent quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales.
“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 president and CEO Lisa Su.
Su added, “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 per cent year-over-year driven by strong execution and increased customer preference for our leadership products.”
AMD went through an important restructuring in 2014 which turned fortunes around for the company which saw its influence dwindle in the years prior. Since then, AMD has become the world’s second-largest producer of computer processors, trailing only one of its rivals, Intel. 2020 was a big year for AMD, benefitting from having the gaming industry as one of its main markets.
In May 2021, the company announced a $4 billion share repurchase program. In the second quarter, the company repurchased 3.2 million shares of common stock for $256 million.
