By Maria Armental

Advanced Micro Devices Inc. raised revenue projections for the year, following a stronger-than-expected performance in the latest period with profit surging more than four-fold and revenue nearly doubling from the year earlier.

Second-quarter profit surged to $710 million from $157 million a year earlier. On a per-share basis, profit was 58 cents, or 63 cents as adjusted.

Net revenue rose to $3.85 billion from $1.93 billion a year earlier.

AMD projected about $3.6 billion in revenue, while analysts expected a profit of 47 cents a share, or 54 cents as adjusted, and $3.62 billion in revenue.

This quarter, AMD expects about $4.1 billion in revenue, ahead of analysts' projected $3.82 billion. Gaming and data center revenue, the company said, are expected to drive the quarter-over-quarter revenue improvement.

It also raised its view for the year, saying it now expects revenue to increase about 60%, up from its previous view of about 50% growth.

The acquisition of rival chip maker Xilinx Inc. remains on track to close by year's end, the company said.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

July 27, 2021 16:38 ET (20:38 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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