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When Advanced Micro Devices Inc. (NASDAQ: AMD) reported its first-quarter financial results after the markets closed on Wednesday, the company posted $0.11 in earnings per share (EPS) on $1.65 billion in revenue. The consensus estimates from Thomson Reuters had called for $0.09 in EPS on revenue of $1.57 billion. The same period of last year reportedly had a net loss of $0.04 per share and $984 million in revenue.

Revenue increased 40% year over year and 23% quarter over quarter, driven primarily by higher revenue in the Computing and Graphics segment.

In terms of its segments, the firm reported:

• Computing and Graphics segment revenue was $1.12 billion, up 95% year-over-year and 23% quarter-over-quarter, primarily driven by strong sales of Radeon and Ryzen products.
• Enterprise, Embedded and Semi-Custom (EESC) segment revenue was $532 million, down 12% year-over-year due to lower semi-custom revenue.
• All Other operating loss was $32 million compared with operating losses of $23 million a year ago and $22 million in the prior quarter.

For the second quarter of 2018, AMD expects revenue to be roughly $1.725 billion, plus or minus $50 million, an increase of 50% year over year, and with a gross margin of about 37%. The consensus estimates call for $0.09 in EPS on $1.57 billion in revenue for the quarter.

On the books, AMD’s cash and cash equivalents totaled $1.05 billion at the end of the quarter, down from $1.19 billion at the end of the previous fiscal year.

Dr. Lisa Su, AMD president and CEO, commented:

The first quarter was an outstanding start to 2018 with 40 percent year-over-year revenue growth. PC, gaming and datacenter adoption of our new, high-performance products continues to accelerate.  We are excited about our long-term roadmaps and focused on delivering sustained revenue growth and profitability.

Shares of AMD were last seen up about 14% at $11.08, with a consensus analyst price target of $13.84 and a 52-week range of $9.04 to $15.65.