Advanced Micro Devices (AMD) Out Earns Target, Talks Of Next Generation Crypto Mining Products
AMD Surpasses Target Earnings As Crypto Bull Market Returns
Advanced Micro Devices (AMD), a U. S.-based IT company has surprised Wall Street with more earnings than expects this year, the company affirmed yesterday, April 30. The reason? The crypto market.
Last year, AMD was selling GPUs for miners, but the volatility pushed prices down and people stopped to buy miners. This made the company had a more mild year than it was anticipated. However, now in 2019, the newly started bull run has helped AMD to sell more miners once more. The price of the AMD shares was affected by this and the company saw its value rise even more.
According to Lisa Su, the CEO of AMD, the company had a very solid result for the first quarter of 2019 and its revenue more than doubled year over year. Because of this, the company is looking forward to its next projects, especially their 7nm PC gaming chips, which will make the company grow even more.
The year has everything prepared to be better than 2018, which had a very rocky start for many companies in the sector, which not only saw a decrease in their profits but also saw miners abandoning the industry.
While many experts did not believe that the crypto market would, in fact, get better with time, this is exactly what happened. The crypto winter ceased this year and companies like AMD and Nvidia are ripping some of the benefits for that, despite the market not having such an aggressive demand as it had in 2017.
At the time of this report, Bitcoin was trading above $5,000 USD and the bear market was definitely finished off in April. Will the impact on AMD continue to be positive? We have to wait and see.