Shares of Advanced Micro Devices (NASDAQ: AMD) rose 13.1% in July, according to data from S&P Global market Intelligence . AMD, an ascendant force in both semiconductor CPUs and GPUs, had actually drifted lower for most of the month, as the technology sector experienced some headwinds ahead of earnings; however, the stock skyrocketed in July's final days following a strong July 27 earnings report, along with a raised guidance for the rest of the year.
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In the second quarter, AMD's sales surged 99%, with adjusted (non- GAAP ) earnings per share of $0.63, up 250% -- both figures were well above analyst estimates. The company also raised guidance to 60% growth for 2021, up from initial guidance of 50%. Of particular note, the company's EESC (enterprise, embedded, and semi-custom) segment was up 183%, driven by the success of its EPYC data center chips.
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Why Advanced Micro Devices Surged 13.1% in July