AMD CEO Lisa Su on Q2 earnings beat, outlook and more

AMD beat estimates by 2 cents a share, with quarterly profit of 18 cents per share. The chip maker’s revenue came in above estimates as well. AMD also raised its full-year forecast, as the surge in the number of employees working from home raises demands for its chips. AMD CEO Lisa Su joins "Squawk on the Street" to discuss the company's results. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

AMD shares rose as much as 10% in extended trading on Tuesday after the company upgraded its revenue guidance for the current year as part of its second-quarter earnings results.

Here’s how the company did:

Earnings: 13 cents per share, adjusted, vs. 16 cents per share as expected by analysts, according to Refinitiv.
Revenue: $1.93 billion, vs. $1.86 billion as expected by analysts, according to Refinitiv.
The chip-maker’s revenue grew 26% year over year in the quarter, which ended on June 27, according to a statement. Revenue from the computing and graphics category that includes chips and graphics processing units for desktop PCs and laptops came to $1.37 billion, up 45% and meeting expectations of analysts surveyed by FactSet.

The company’s guidance for the fiscal third quarter was $2.55 billion in revenue, give or take $100 million. Analysts surveyed by Refinitiv had been looking for $2.32 billion in revenue for the quarter.

AMD now expects 32% revenue growth for the year, up from 25% growth the company predicted in April. Analysts polled by Refinitiv had expected 25% growth. The company now expects the PC market to grow, rather than decline, in the second half of the year, CEO Lisa Su said on a conference call with analysts on Tuesday. And Microsoft and Sony will be releasing new products featuring AMD components later this year.

“We expect strong second-half semi-custom growth as we read production to support the holiday launches of the new PlayStation 5, and Xbox Series X consoles,” Su said.

The results come days after competitor Intel said it was delaying the release of products featuring 7-nanometer transistors until 2022 or 2023. AMD already sells 7-nanometer chips. Last Friday, after Intel made its announcement, AMD stock rose almost 17%, while Intel fell more than 16%. Notwithstanding the after-hours move, AMD stock is up 47% since the start of the year.

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