Why Shares of AMD Are Surging Today

Shares of Advanced Micro Devices (NASDAQ: AMD) jumped on Wednesday following the Tuesday evening release of the company's second-quarter report. AMD beat analyst estimates for both revenue and earnings, driven by strong sales of its Ryzen CPUs and demand for its GPUs from cryptocurrency miners. As of 11:29 a.m. EDT, the stock was up about 8.6%.

AMD reported second-quarter revenue of $1.22 billion, up 18.4% year over year and about $60 million higher than the average analyst estimate. The computing and graphics segment produced $659 million of revenue, up 51% year over year. Both high-end and mainstream Ryzen CPUs were available during the quarter, and AMD's Polaris GPUs proved popular for those mining cryptocurrencies.

Image source: AMD.

Source: Fool.com