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AMD Swings to Profit, Beats Consensus

Advanced Micro Devices reports first quarter earnings that not only swing to a profit, but also beat analysts forecasts.
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SUNNYVALE, Calif. (TheStreet) -- Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. Report not only swung to a profit in the first quarter, but also beat analysts forecasts.

However, AMD expects revenue to be down seasonally for the second quarter of 2010.

AMD reported non-GAAP net income of $63 million, or 9 cents a share, compared with a loss of $189 million, or 30 cents a share the year before. The company reported first quarter revenue of $1.57 billion, compared with $1.18 billion the previous year.

Analysts surveyed by

Thomson Reuters

had expected a loss of 7 cents on revenue of $1.54 billion.

AMD says that it continues to strengthen its product offerings, pointing out that the company has launched its latest generation of server platforms, expanded its family of "DirectX 11"-compatible graphics offerings, and commenced shipments of its next-generation notebook platforms to customers.

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AMD stock is up 1.4% at $10.30 in after-hour trading.

-- Reported by Andrea Tse in New York

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