Advanced Micro Devices forecast full-year revenue above expectations on Tuesday, as it looks to overcome global supply snags to meet strong demand for chips used in gaming consoles and data center servers.
The chip designer’s shares shot up more than 11% in extended trading, after AMD also surpassed revenue estimates in the fourth quarter as it sold more higher-priced chips to cushion the hit from a supply crunch ailing the industry.
For the full year, AMD forecast revenue of about $21.5 billion. Analysts on average are expecting $19.27 billion, according to IBES data from Refinitiv.
The California-based company reported adjusted fourth-quarter revenue of $4.83 billion, compared with estimates of $4.53 billion.
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