AMD stock soars more than 14% on strong earnings

  • The Santa Clara, California-based company exceeded Wall Street's expectations in both earnings and revenue.
  • "We believe that this is a multi-quarter growth story for us," Lisa Su, AMD CEO said on CNBC's Squawk on the Street.

Advanced Micro Devices (AMD) closed out 14 percent higher on Thursday following a strong earnings report.

The Santa Clara, California-based company exceeded Wall Street's expectations in both earnings and revenue:

  • Earnings per share: $0.14 vs. $0.13 , forecast by Thompson Reuters.
  • Revenue: $1.76 billion vs. $1.72 billion, forecast by Thompson Reuters.

The gains will build on a strong growth for AMD, which has seen its share price rise by more than 67 percent since the beginning of the year.

"It's been a good start to 2018," Lisa Su, AMD CEO said on CNBC's Squawk on the Street. She noted the success of their Ryzen line of notebooks and the general strength of the PC market. "I'm very optimistic about what we can do in the notebook business."

The strong sales come ahead of what Su calls "the big season for notebooks," including the back-to-school period and the holidays. "We believe that this is a multi-quarter growth story for us."