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. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.