5 Stocks Drawing Attention on Earnings Reports

3. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 65

Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) climbed more than 11 percent in the pre-market trading session on Wednesday, January 2, 2022, after delivering solid profit and sales for the fourth quarter.

Advanced Micro Devices, Inc. (NASDAQ:AMD) reported adjusted earnings of 92 cents per share, surpassing estimates of 79 cents per share. In addition, revenue for the quarter soared 49 percent versus last year to $4.83 billion, topping expectations of $4.53 billion

The California-based semiconductor giant also issued its sales outlook for 2022. Advanced Micro Devices, Inc. (NASDAQ:AMD) expects to post revenue of around $21.5 billion for the current fiscal year, translating to a year-over-year increase of 31 percent.

Discussing the results, CEO of Advanced Micro Devices, Inc. (NASDAQ:AMD), Lisa Su, said:

“2021 was an outstanding year for AMD with record annual revenue and profitability. Each of our businesses performed extremely well, with data center revenue doubling year-over-year driven by growing adoption of AMD EPYC processors across cloud and enterprise customers.”