Advanced Micro Devices Inc. (AMD) reported third-quarter results after the market close on Tuesday, and the chipmaker didn't leave much room for complaints.

AMD Q3 Earnings Highlights

AMD posted third-quarter revenue of $13.38 billion, beating analyst estimates of $13.09 billion. Adjusted earnings came in at $2.09 per share, ahead of the $1.95 per share analysts were looking for, according to market data.

Total revenue increased 45% on a year-over-year basis. Here's how the segments stacked up:

• Data Center: $8.5 billion, up 97% year-over-year
• Client and Gaming: $3.7 billion, down 8% year-over-year
• Embedded: $1.1 billion, up 29% year-over-year

"We delivered a record quarter with revenue exceeding the high end of our guidance as Data Center segment sales nearly doubled year-over-year," said Dr. Lisa Su, AMD chair and CEO. "Demand for our Instinct and EPYC products continued to strengthen, and we expect growth to accelerate further in the fourth quarter as we scale Helios and 'Venice' production."

AMD reported $2.8 billion of third-quarter operating income and ended the period with approximately $7.40 billion in cash and cash equivalents and $8.37 billion in short-term investments.

Looking ahead, AMD expects fourth-quarter revenue of approximately $17 billion, plus or minus 3%, versus estimates of $16.23 billion. Fourth-quarter adjusted gross margin is expected to be approximately 55%, versus 56% in the third quarter.

AMD management will discuss the quarter on an earnings call scheduled for 5 p.m. ET.

AMD Shares Rise After Earnings

AMD Price Action: AMD shares were up approximately 127% year-to-date heading into the print. The chip stock was up 7.34% in after-hours Tuesday, trading at $519.40 at the time of publication, according to market data.