Chalk up Advanced Micro Devices’ (AMD) stellar earnings report for fiscal Q1 to innovation and execution. The company announced earnings beat of 96 cents a share while bringing in revenues of $7.44 billion. Following the announcement, AMD’s stock climbed 8%, reflecting investor confidence in the company’s performance and future prospects.
In a bold step to return shareholder value, AMD’s board of directors approved a $6 billion stock repurchase plan. This new authorization comes on top of an already-approved $4 billion in share repurchases. Our decision confirms the board’s confidence in AMD’s strategic direction and belief in its ability to generate predictable, sustainable free cash flow.
“Our expanded share repurchase program reflects the Board’s confidence in AMD’s strategic direction, growth prospects, and ability to consistently generate strong free cash flow,” stated AMD CEO Lisa Su.
Just this week, AMD CEO Lisa Su was in Saudi Arabia. There, she launched a new international agreement that deepens AMD’s foothold in foreign markets and enhances its global relationships.
In other news, Google settled with Texas for $1.4 billion over data privacy violations. This announcement comes at a time of heightened scrutiny towards technology companies and their use or abuse of user data.
Game developer Epic Games has filed to have its widely popular game Fortnite reinstated on Apple’s App Store. After a major court victory this summer, Uber’s decision marks a new turning point in the ongoing legal war between the two companies.
Even big tech companies such as Meta, Alphabet, and Amazon are beginning to feel the impact as breakage begins to show up in their advertising revenues. Analysts attribute this trend to the continued trade wars from former President Trump’s policies.
On the Eric Trump side of the cryptocurrency arena, American Bitcoin is on the verge of going public. This launch is only the most recent foray by a member of the Trump family into the digital currency. Experts warn that the Trump administration’s wider crypto agenda would likely run aground as the former president pursues his own personal profit.