Advanced Micro Devices reported better-than-expected earnings results, but soft data center revenue sparked a selloff in the stock.The semiconductor company reported fourth-quarter adjusted earnings per share of $1.

AMD says that it plans to launch its next major data center GPUs, the AMD Instinct MI350 series, sooner than originally planned.

Advanced Micro Devices posted fourth-quarter revenue and adjusted earnings that beat expectations, but data center sales came up short.

AMD's overall revenue shot up 24% year over year in the fourth quarter. The data center segment, which accounts for AMD's EPYC server CPUs and its Instinct AI accelerators, was the star performer. Revenue rose a whopping 69% to $3.

The Santa Clara, Calif., chip maker posted a profit of $482 million compared with $667 million, a year earlier. For the current quarter, AMD guided for revenue between $6.8 billion and $7.4 billion.

Investors bailed on Advanced Micro Devices Inc. late today after the chipmaker reported lower-than-expected revenue in its key data center segment, despite posting solid results overall. The company revealed fourth-quarter earnings before certain costs such as stock compensation of $1.