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AMD Adjusted Profit Tops Wall Street Estimates

Advanced Micro on Thursday reported an adjusted quarterly profit that was lower than a year earlier but topped Wall Street's estimates.

AMD
CNBC.com
AMD

The company said it saw strong demand for its recently launched chips aimed at netbooks, a niche dominated completely by Intel, but which is also under pressure from increasing tablet sales.

The chipmaker reported first-quarter earnings of 8 cents a share, excluding one-time items, compared with 9 cents a share last year.

Sales for the most recent quarter were $1.61 billion. A year earlier, the company garnered sales of $1.57 billion.

The company was expected to reported an adjusted profit of 5 cents a share on revenue of $1.61 billion, according to analysts polled by Thomson Reuters.

Shares of AMD were slightly lower in extended trading Thrusday. Get after-hour quotes for AMD here.

Net income in the first quarter was $510 million, or 68 cents a share, compared with $257 million, or 35 cents a share, in the same period last year.

The Sunnyvale, California company said it expects second-quarter revenue to be flat or slightly down compared with the first quarter.

The stock closed up 8 cents, or 0.93 percent, to end at $8.71.

AMD, the No. 2 maker of PC microprocessors, behind Intel, is looking for a new CEO after Dirk Meyer's resignation in January.