Advanced Micro Devices (NYSE: AMD) shares are showing some after-hours weakness Tuesday amid a fourth-quarter earnings beat on lighter revs.

Revs for AMD increased 2.4 percent from $1.65 billion in the year-ago quarter to $1.69 billion. The Street was modeling for sales of $1.72 billion.

AMD swung to a GAAP loss of $177 million, or 24 cents per share, from net income of $375 million in the same period last year. Excluding one-time items, earnings came in at 19 cents per share, better than the Street's 16 cent per share estimate.

Gross margin was 46 percent, up from 45 percent during the same quarter last year.

"AMD shipped more than 30 million APU's in 2011," commented CEO Rory Read. "We continued optimizing our financial model in 2011, consistently delivering operating income and creating the foundation for sustained success. We begin 2012 clear on our priorities and opportunities."

Computing Solutions saw revs increase 7 percent, which AMD attributes to "higher mobile processor and Chipset revenue." Graphics revs fell 10 percent, "driven primarily by a decline in mobile graphics processor unit (GPU) shipments, partially offset by a seasonal increase in game console revenue."

Looking ahead, AMD sees first-quarter 2012 sales down 8 percent, +/- 3 percent. The range on that is revs of $1.50 billion to $1.61 billion, with the sweet spot of $1.83 billion. The Street is currently modeling revs of $1.60 billion.

Shares of AMD are off about 2.8 percent in late trading.

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