Advanced Micro Devices (NASDAQ: AMD) is finally out of the rut it was in thanks to a weak personal computer (PC) market, and that's because of the improving conditions in the PC space and the company's growing prominence in the market for artificial intelligence (AI) chips.

AMD released its third-quarter results on Oct. 31, and the good news is that the chipmaker has finally returned to year-over-year growth following a poor performance in the first half of 2023. Let's look closely at AMD's latest quarterly performance and check why this semiconductor stock could rise once again after pulling back nearly 13% from the 52-week high it hit in mid-June.

AMD reported Q3 revenue of $5.8 billion, an increase of 4% over the year-ago quarter. The number exceeded the midpoint of the company's guidance of $5.7 billion, which is also what analysts were anticipating it to deliver in Q3. AMD's adjusted earnings also increased 4% year over year to $0.70 per share, ahead of the Wall Street estimate of $0.68 per share.

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Source Fool.com