Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares Advanced Micro Devices (NASDAQ:AMD) jumped more than 12% on Monday, the first trading day since AMD reported better-than-expected quarterly results going into the long weekend.

So what: Advanced Micro Devices' first-quarter revenue rose 28% year over year to $1.4 billion, which translated to a GAAP net loss of $20 million, or $0.03 per share.

On an adjusted basis, however, AMD turned in net income of $12 million, or $0.02 per share. Analysts, on average, were modeling sales of just $1.34 billion and a breakeven quarter on the same basis.

AMD also told investors it expects revenue for the current quarter to increase 3%, plus or minus 3%, resulting in a midpoint for second quarter sales of $1.442 billion. Analysts were slightly less optimistic going into the report, projecting Q2 revenue of $1.36 billion.

Now what: AMD CEO Rory Read weighed in: "AMD continued our momentum by building on the solid foundation we set in the second half of 2013, further transforming the company."

To be sure, the beat wasn't all that huge. But investors are rightly encouraged by AMD's efforts to diversify into semi-custom chips as the PC market continues its sluggish ways. I'm not personally inclined to buy shares after today's pop, but I see no reason AMD can't further reward patient long-term investors by continuing to creep in the right direction.

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Steve Symington and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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