AMD beats Q3 expectations

The company's revenues were up 23 percent year over year, primarily because of its record semi-custom SoC and higher GPU and mobile APU sales.

Advanced Micro Devices (AMD) posted solid third quarter earnings on Thursday, reporting earnings of three cents a share on revenue of $1.307 billion.

For Q3, Wall Street was expecting flat per-share earnings on $1.21 billion in revenue for the quarter.

The company's revenues were up 23 percent year over year, primarily because of its record semi-custom SoC and higher GPU and mobile APU sales. That, however, was partially offset by client desktop processor and chipset sales.

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"Our third quarter financial results highlight the progress we are making across our business," said President and CEO Lisa Su in a statement. "We now expect to deliver higher 2016 annual revenue based on stronger demand for AMD semi-custom solutions and Polaris GPUs. This positions us well to accelerate our growth in 2017 as we introduce new high-performance computing and graphics products."

AMD's Computing and Graphics segment brought in revenue of $472 million, up 9 percent sequentially and 11 percent from Q3 2015. The increases were driven primarily by increased GPU sales but offset by decreased sales of client desktop processors and chipsets. The year-over-year increase was also driven by increased sales of client mobile processors.

Enterprise, Embedded, and Semi-Custom segment revenue hit $835 million, an increase of 41 percent sequentially and 31 percent year over year, due to higher sales of semi-custom SoCs.

For Q4, AMD is forecasting revenue to decrease 18 percent sequentially, plus or minus 3 percent.

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