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AMD for the first quarter of 2018 reported revenue of $1.65 billion, a 40 percent increase over the $1.18 billion the company generated in the year-ago quarter and a 23 percent quarter-over-quarter jump. This resulted in an operating income of $120 million, a net income of $81 million and diluted earnings per share of $0.08.
Investors responded positively as AMD’s stock is up more than 13.5 percent on the news, currently trading just north of $11.
Revenue in the Computing and Graphics segment checked in at $1.12 billion. That’s up 95 percent year-over-year, increases driven primarily by strong sales of Ryzen and Radeon products.
In an appearance on CNBC's “Squawk on the Street” Thursday morning, AMD president and CEO Dr. Lisa Su said customers that bought their graphics cards for the purpose of cryptocurrency mining represented about 10 percent of revenue for the quarter. “We feel we have a very good idea of what people are using our products for, so it's a nice growth factor but it's not a dominant growth factor,” she said.
AMD launched its second-generation Ryzen family one week ago which consists of four processors – the Ryzen 7 2700X, the Ryzen 7 2700, the Ryzen 5 2600X and the Ryzen 5 2600. You can check out our reviews of AMD’s latest by clicking their respective links and see how the Ryzen 7 2700X and Ryzen 5 2600X stack up against Intel’s 8th gen Core chips when overclocked to 4GHz in our recent Instructions Per Cycle Shootout.
AMD anticipates revenue of approximately $1.725 billion for the second quarter.