Advanced Micro Devices Inc Beats Sales and Earnings Estimates; Shares Rise 5%

Advanced Micro Devices delivered more than analysts were asking for in the first quarter of 2014.

Apr 17, 2014 at 5:15PM
Amd

Image source: AMD.

Shares of Advanced Micro Devices (NASDAQ:AMD) are rising more than 5% in after-hours trading, following the release of first-quarter results.

Analysts were looking for adjusted earnings near the breakeven mark, on $1.3 billion in total sales. Instead, the microprocessor designer delivered positive non-GAAP earnings of $0.02 per share and revenue of $1.4 billion. These numbers are up from a $0.13 loss per share on $1.1 billion of sales in the year-ago quarter.

The computing solutions segment, which includes central processors for computer systems, saw sales drop 12% year over year. The division reported a $3 million operating loss.

Graphics products fared better, more than doubling its sales year-over-year on strong demand for updated Radeon graphics chips. This division reported a $91 million operating profit.

Looking ahead, AMD expects sales to rise 3% in the second quarter, compared to the just-reported first quarter, with a 3% margin of error in either direction. The current analyst view of the upcoming period's sales is for $1.36 billion, which is below the first quarter's total. Last year, AMD saw 7% sequential growth between the March-ended and June-ended quarters.

"Backed by our powerful x86 processor cores and hands-down best graphics experiences, we achieved 28 percent revenue growth from the year-ago quarter," said AMD CEO Rory Read in a prepared statement. "We are well positioned to continue to grow profitably as we diversify our business and enable our customers to drive change and win."

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Anders Bylund has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days.

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