Advanced Micro Devices' shares surged after the company reported smaller-than-expected losses and predicted strong revenue for the first quarter.
The computer chip manufacturer reported quarterly revenue of $1.11 billion in a report released Tuesday, beating the Thomson Reuters estimate of $1.07 billion in sales. Quarterly losses of 1 cent per share were lower than the street's prediction of 2 cents per share.
Shares spiked moire than 16 percent Wednesday in response to the news.
"We met our strategic objectives in 2016, successfully executing our product roadmaps, regaining share in key markets, strengthening our financial foundation, and delivering annual revenue growth," AMD President and CEO Lisa Su said in a press release. "As we enter 2017, we are well positioned and on-track to deliver our strongest set of high-performance computing and graphics products in more than a decade."
The company also set high goals for their new line of Ryzen gaming-focused processors, forecasting an 18 percent increase in revenue.
As of its Wednesday close, the stock has gained more than 463 percent in the past 12 months.