SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Advanced Micro Devices Inc. (AMD) on Tuesday reported first-quarter net income of $709 million.
On a per-share basis, the Santa Clara, California-based company said it had profit of 44 cents. Earnings, adjusted for one-time gains and costs, came to 96 cents per share.
The results beat Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.
The chipmaker posted revenue of $7.44 billion in the period, which also topped Street forecasts. Fourteen analysts surveyed by Zacks expected $7.12 billion.
For the current quarter ending in June, Advanced Micro said it expects revenue in the range of $7.1 billion to $7.7 billion.
Advanced Micro shares have fallen 18% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $98.62, a decline of 37% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMD at https://www.zacks.com/ap/AMD
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