This Chip Stock Just Blew Wall Street Away
Over the last several weeks, investors have likely become distracted by the increasing number of headlines about the bear market, inflation, and interest rate hikes. And while the Nasdaq Composite index is down about 28.4% year to date (and many tech stocks are doing far worse), some technology companies have been showing signs of resiliency.
Although its stock price is down 41% year to date, Advanced Micro Devices' (NASDAQ: AMD) first-quarter results gave investors many reasons to be bullish about the company. Let's dig into Q1 and what the road ahead may look like, and why now may be a great time to dollar-cost average into the stock or initiate a position.
AMD reported Q1 2022 revenue of $5.9 billion, an increase of 71% year over year. It is important to note that the first-quarter results included partial financials from the company's acquisition of Xilinx, which closed in February. Excluding the contribution of Xilinx, AMD's first-quarter revenue was $5.3 billion, which is still a record quarter for the company. The significant increase in revenue was driven by AMD's computing and graphics segment, as well as its enterprise, embedded, and semi-custom business.
Source Fool.com
