Advanced Micro Devices, Inc. (NASDAQ:AMD) shares are trading higher after the company announced a $4 billion buyback.
“Today’s announcement reflects our confidence in AMD’s business and the successful execution of our multi-year growth strategy,” said Dr. Lisa Su, AMD president and CEO. “Our strong financial results and growing cash generation enable us to invest in the business and begin returning capital to our shareholders.”
Advanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm’s sales are in the personal computer and data center markets via CPUs and GPUs.
AMD’s stock was trading 2.2% higher at $76.02 on Wednesday at the time of publication. The stock has a 52-week high of $99.23 and a 52-week low of $48.42.
