AMD stock price soared more than 10% in post-market trading as the company easily topped both revenue and earnings estimates for the second quarter. Stronger than expected third-quarter guidance added to investor’s sentiments.

Its second-quarter revenue of $1.93 billion increased 26% from the past year period, beating the consensus estimate by $70 million.

The revenue growth is driven by strong computing and graphics sales of $1.37B, representing an increase of 45% Y/Y. Record notebook and server processor revenue helped Ryzen and Epyc revenue to double compared to the past year period.

Moreover, the company has painted a bright outlook for the rest of the year.

AMD Headquarters - Stock Price Skyrockets

It expects third-quarter revenue to hit $2.45-2.65 billion levels, up almost 42% year over year and 32% sequentially. The market analysts are expecting third revenue in the range of $2.3B.

For the full year, AMD forecasts revenue growth around 32% from the past year, thanks to robust revenue growth from gaming, and data center products.

“We delivered strong second-quarter results, led by record notebook and server processor sales as Ryzen and EPYC revenue more than doubled from a year ago,”

Dr. Lisa Su – AMD CEO

said Dr. Lisa Su, AMD president and CEO.

“Despite some macroeconomic uncertainty, we are raising our full-year revenue outlook as we enter our next phase of growth driven by the acceleration of our business in multiple markets.”

AMD Advanced Micro Devices, Inc. daily Stock Chart

AMD stock price surged to a new all-time high of $74 a share after the earnings release. Its shares are up more than 100% in the last twelve months.

The market analysts are seeing further upside for AMD stock. For instance, Lynx Equity Strategies claims that AMD shares could hit $80 mark in the days to come, with $100 billion in market capitalization.

The firm said, “Intel’s 7nm product delay represents a “gargantuan earthquake” for the sector, which could result in “a fundamental re-alignment of the ground beneath the PC/server industry.”