AMD Beats Estimates, Posts Flat Revenue

SUNNYVALE, Calif. ( TheStreet) -- Advanced Micro Devices ( AMD) beat Wall Street's estimates in its fourth-quarter results on Thursday, although revenue was flat compared to the prior year's quarter.

The chipmaker reported revenue of $1.65 billion and earnings of 14 cents a share after market close on Thursday. In the same period last year, AMD brought in sales of $1.65 and earnings of 11 cents a share. Analysts surveyed by Thomson Reuters had been looking for revenue of $1.63 billion and earnings of 11 cents a share.
Advanced-Micro-Devices

The company's latest chip technology, the Fusion Accelerated Processing Unit (APU), is laying the foundations for future growth, said AMD CFO Thomas Seifert, who is serving as interim CEO.

"AMD enters 2011 with significant momentum, amplified by the successful launch of our first Fusion APUs," said Seifert, in a statement. "I am confident we can drive profitable growth based on the strength of new products we will bring to market. Our customers recognize that Fusion APUs are at the core of delivering the world's most vivid digital experiences."

AMD, which recently parted company with CEO Dirk Meyer, is playing catch-up with rival Intel ( INTC) in the semiconductor market. Intel put out strong fourth-quarter results earlier this month, citing a robust PC environment.

Shares of AMD rose 10 cents, or 1.25% to $8.12 in extended trading.

--Written by James Rogers in New York.

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