Advanced Micro Devices reported its revenues and earnings for the third quarter ended September 30 exceeded expectations, with revenue growing 54% to a record $4.3 billion.

Non-GAAP net income for the quarter was $893 million, or 73 cents a share, beating expectations of 67 cents a share on a non-GAAP basis. AMD said it was increasing its annual earnings forecast and its shares are up slightly to $123.15 a share in after-hours trading.

The Santa Clara, California-based company has had a good run on momentum behind its Zen and Zen 2 architectures for processors, which can generate 50% or more better performance per clock cycle than the previous generation. This architecture put AMD ahead of Intel in performance for the first time in a decade, and it has helped the perennial No. 2 PC chip maker into a fast-growing contender against Intel.

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AMD is killing it. They were at $14 like 5 years ago and now they're rocking at $120. They've done so many things right and profited from Intel's missteps.