Friday, January 21, 2011

AMD quarterly earnings beat estimates

SAN FRANCISCO (Reuters) - PC chipmaker Advanced Micro Devices Inc reported better-than-expected fourth-quarter earnings and said on Thursday, Jan 20 its revenue in the current quarter would be flat to slightly down sequentially.

On a non-GAAP basis, AMD said its earnings were 14 cents a share, higher than the 11 cents per share that analysts on average expected, according to Thomson Reuters I/B/E/S. Non-GAAP earnings in the fourth quarter of 2009 were 11 cents per share.

"It's a pretty decent report," said Wedbush analyst Patrick Wang. "The bigger question in my mind is when will they start to see the benefits of Fusion," he said, referring to AMD's new chip lineup.

AMD said its net income fell to $375 million, or 50 cents a share from $1.18 billion or $1.52 a share in the year-ago period.

AMD said its revenue in the fourth-quarter of 2010 was $1.65 billion, the same as the company pre-reported last week. The figure was flat with the year ago.

Analysts on average had forecast AMD's revenue in the current first quarter would be $1.54 billion.

Shares of AMD rose 0.75 percent in after hours trade after closing up 1.13 percent at $8.02. - Reuters


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