AMD (NASDAQ: AMD) stock is up 4.1% in pre-open Wednesday after the chipmaker reported better-than-expected Q1 earnings on the back of the data center strength.

AMD made a profit of $0.52 per share to beat the $0.44 expected from analysts. Sales for the quarter were reported at $3.45 billion, again higher than the $3.21 billion consensus.

The company recorded a mouth-watering growth in the past 12 months fueled by an explosion in demand for chips and IT equipment. Profit soared 189% YoY while revenue jumped 93%.

“Our business continued to accelerate in the first quarter driven by the best product portfolio in our history, strong execution and robust market demand,” said Dr. Lisa Su, AMD president and CEO.

“We had outstanding year-over-year revenue growth across all of our businesses and data center revenue more than doubled. Our increased full-year guidance highlights the strong growth we expect across our business based on increasing adoption of our high-performance computing products and expanding customer relationships.”

For the ongoing quarter, AMD is projecting sales of $3.6 billion, again higher than the $3.29 billion the Street was calling for. The company also raised its full-year revenue guidance to 50%, compared to 37% announced earlier.

The company is “firing on all cylinders,” says Northland analyst Gus Richard in the aftermath of the Q1 earnings beat. The analyst hiked his price target on AMD to $116.00.

“AMD reported strong Q1 and guided Q2 up and raised revenue growth guidance for CY21 from 37% to 50%. All product lines are driving growth and AMD is winning higher margin SKUs. We believe AMD outperformance is drive by superior products built on a superior manufacturing process. We do not expect this advantage to diminish any time soon.

Vijay Rakesh, from Mizuho Securities, also reiterated a “Buy” rating and raised the PT to $107.00 per share from $105.00 on a top-line beat.

“We continue to see AMD well-positioned, with a margin-accretive XLNX acquisition ahead, a strong 7nm/5nm Server roadmap ahead of INTC, Milan ramp in Server/DC driving GMs, and new gaming console cycle,” he commented.