AMD (AMD) Touts Record Sales But Q1 Profit Tumbles 47%
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Price: $473.25 +0.81%
Financial Fact:
Operating income: -293M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Operating income: -293M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Advanced Micro Devices Inc. (NYSE: AMD) announced Thursday that the strengthening computer market allowed the company to return to profit in the first quarter. The world’s No. 2 manufacturer of microprocessors reported first-quarter earnings of $257 million or 35 cents per share, compared to a loss of $416 million or 66 cents per share in the same quarter last year.
Excluding one-time items, AMD earned 9 cents per share, 12 cents better than the market consensus of a loss of 3 cents per share. The analyst numbers do not compare due to some analysts figuring in the company spinning off a manufacturing division last year while others did not.
Revenue for the company jumped 34 percent to $1.57 billion, slightly better than the analyst estimate of $1.54 billion. These numbers do compare.
The numbers for AMD follow its biggest rival, Intel Corp. (NASDAQ: INTC), announcing earlier this week that its quarterly profit nearly quadrupled, as both company’s continue to see a rebound in the demand for microprocessors.
“Strong product offerings and solid operating performance resulted in record first quarter revenue,” said Dirk Meyer, AMD President and CEO. “We continue to strengthen our product offerings. We launched our latest generation of server platforms, expanded our family of DirectX 11-compatible graphics offerings, and commenced shipments of our next-generation notebook platforms to customers.”
Although the stock initially traded higher following the results (as much as 3% higher), the stock has now fallen in the after-hours session. Shares of AMD last traded at $9.58, down almost 6% from today's close.
Excluding one-time items, AMD earned 9 cents per share, 12 cents better than the market consensus of a loss of 3 cents per share. The analyst numbers do not compare due to some analysts figuring in the company spinning off a manufacturing division last year while others did not.
Revenue for the company jumped 34 percent to $1.57 billion, slightly better than the analyst estimate of $1.54 billion. These numbers do compare.
The numbers for AMD follow its biggest rival, Intel Corp. (NASDAQ: INTC), announcing earlier this week that its quarterly profit nearly quadrupled, as both company’s continue to see a rebound in the demand for microprocessors.
“Strong product offerings and solid operating performance resulted in record first quarter revenue,” said Dirk Meyer, AMD President and CEO. “We continue to strengthen our product offerings. We launched our latest generation of server platforms, expanded our family of DirectX 11-compatible graphics offerings, and commenced shipments of our next-generation notebook platforms to customers.”
Although the stock initially traded higher following the results (as much as 3% higher), the stock has now fallen in the after-hours session. Shares of AMD last traded at $9.58, down almost 6% from today's close.
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