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What: Advanced Micro Devices (NYSE: AMD ) popped 19% in intraday trading today after delivering a better-than-expected quarter and outlook.
So what: Second-quarter EPS of $0.08 beat the $0.07 consensus estimate and reversed a loss in the year-ago quarter, even as sales fell 5%. Management guided third-quarter revenue to $1.76 billion, 9% year-over-year growth and above the consensus forecast of $1.7 billion.
Now what: Weak consumer demand in developed markets and poor traction in server processors hurt revenue in the second quarter. There is no apparent end to the company's long CEO search amid reports that AMD has unsuccessfully wooed senior executives at Apple (Nasdaq: AAPL ) , Oracle (Nasdaq: ORCL ) , EMC (NYSE: EMC ) , and Carlyle Group. That said, the company's Fusion processor appears to be off to a strong start and could drive market share gains in notebook PCs.
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