Why Advanced Micro Devices Rose 19.1% in May
Shares of Advanced Micro Devices (NASDAQ: AMD) surged 19.1% higher in May, according to data from S&P Global Market Intelligence.
The 19.1% gain came after a 21.8% decline in April. Still, there is a case to be made for more upside, since May's rally was powered by strong earnings that defied the skepticism voiced by some analysts during the prior month.
In the first quarter, which was reported in early May, AMD's revenue surged 71% to $5.89 billion, with non-GAAP (adjusted) earnings per share of $1.13, up 117%. Both figures handily beat analyst estimates. AMD management gave strong guidance as well, with the recent acquisition of Xilinx boosting numbers.
Source Fool.com
