California-based multinational semiconductor company Advanced Micro Devices, Inc. (AMD) saw a strong year in 2020, making billions in the whole year and more than a billion (in actual profits!) in the final quarter itself. The company reported a revenue of $9.76 billion for the entire year.

Not only has it caught up to fellow US giant Nvidia Corporation when it comes to the performance of its GPUs, but it’s also managed to one up Intel with its new Ryzen cards. Moreover, it is also on the verge of challenging Intel in laptops as well, especially with it’s Ryzen 5000 mobile CPUs and RDNA 2 GPUs due to come out this year.

All of this reflected in its finances,  with AMD announcing its earnings for the final quarter and for the full year today, revealing the huge stack of billions of dollars it is comfortably sitting on. The final quarter oversaw a rise of 53% in revenue from $2.1 billion last quarter to $3.2 billion this quarter, as well as a rise of 948% in profits from $170 million last quarter ,to $1.78 billion this quarter. AMD saw $9.76 billion in revenue this past year, a rise of 45% from $6.7 billion in 2019.

AMD also earned $2.49 billion in profit this past year, a growth of 630% from the $341 million in 2019. AMD has announced that the profits include “a fourth-quarter income tax benefit of $1.30 billion associated with a valuation allowance release.”

After apprehensions that the pandemic could result in weakened demand for its products and services in the second half of the year, AMD has revealed that this performance has  set the record for the most revenue earned by the company. More than half of AMD’s quarterly revenue came from its Computing and Graphics segment, which was “up 18% year-over-year and quarter-over-quarter is primarily driven by strong sales of Ryzen processors.”

The new Radeon RX 6000 Series Graphics Cards had launched with “quarter shipments three times larger than any prior AMD gaming GPU priced above $549,” claimed AMD CEO Lisa Su. However, this claim was disputed since it is surmised that AMD has never sold a single gaming GPU at a price above $550.