AMD Beats Expectations, Mirroring Intel

SUNNYVALE, Calif. (TheStreet) -- AMD (AMD) easily beat Wall Street's first-quarter forecasts, pushing up the stock price.

The No. 2 chip maker said after the market closed that it had a loss of $590 million, or 80 cents a share, compared with net income of $510 million, or 68 cents, a year earlier.
AMD reported its first-quarter results after market close.

Excluding items, however, AMD earned 12 cents a share on net income of $92 million, up from 8 cents a share and $56 million in the same period last year. Analysts surveyed by Thomson Reuters were looking for earnings of 9 cents a share.

The company's non-GAAP numbers exclude a number of charges, such as a previously disclosed expense of $703 million related to a limited waiver of exclusivity of certain 28-nanometer products from Global Foundries.

AMD brought in revenue of $1.59 billion, down slightly from $1.61 billion in the previous year's quarter, but above analysts' forecast of $1.56 billion.

Investors pushed the company's stock up 2.13% to $8.14 in extended trading.

"AMD delivered solid results in the first quarter as we remain focused on improving our execution, delivering innovative products, and building a company around a strategy to deliver strong cash flow and earnings growth," said Rory Read, AMD's CEO, in a statement.

For the second quarter, AMD expects revenue to increase 3% sequentially, plus or minus 3 percentage points.

AMD's results come hot on the heels of rival Intel's ( INTC) quarterly numbers. The largest chip maker cruised past Wall Street's expectations for its first-quarter results earlier this week, although Intel's stock tumbled after it forecast a sequential decline in gross margins.

--Written by James Rogers in New York.

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