Advanced Micro: 1Q Earnings Snapshot

The Sunnyvale, California-based company said it had net income of 8 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 11 cents per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.

The chipmaker posted revenue of $1.65 billion in the period, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $1.55 billion.

For the current quarter ending in July, Advanced Micro said it expects revenue in the range of $1.73 billion. Analysts surveyed by Zacks had expected revenue of $1.58 billion.

Advanced Micro shares have fallen 5.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.71, a decline of 28 percent 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