Advanced Micro Devices Inc. (AMD) blew past expectations for the second quarter, helped by robust sales in its computing and graphics segment. <\/p>\n
Shares of the chipmaker were soaring 10.2% to $15.56 in after-hours trading on Tuesday, after the company beat on its top and bottom line during the period. AMD said computing and graphics revenues jumped 51% from one year ago. <\/p>\n
On an earnings call with investors, AMD CEO Lisa Su said sales of the company's RadeonRX GPUs (released in the second quarter) got a boost from the cryptocurrency mining market, as well as the gaming market. Leading up to AMD's earnings report, Wall Street had been trying to measure what impact the rise of cryptocurrency mining will have on chip companies, particularly AMD and its rival Nvidia Corp. (NVDA) . Both companies' chips are used to mine Ethereum, an alternative cryptocurrency to Bitcoin. <\/p>\n
AMD's stock has popped 24.5% so far this year, in part due to a wave of demand from cryptocurrency miners. But Su indicated that AMD doesn't view cryptocurrency as a stable, long-term driver for the company. <\/p>\n
\"Relative to the cryptocurrency, we have seen some elevated demand,\" Su told investors on the call. \"Our priority, though, really is on our core market, which is the gaming market. We are prioritizing supply toward the gaming market...But it's important to say that we didn't have cryptocurrency in our forecast and we are not looking at it as a long-term growth driver, although we will continue to watch the developments around blockchain technologies as they go forward.\" <\/p>\n
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