AMD Earnings: Tops Analyst Estimates, Stock Pops
Advanced Micro Devices, Inc. (NYSE:AMD) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.22%.
Advanced Micro Devices, Inc. Earnings Cheat Sheet
Results: Net loss was $102 million (loss of 14 cents per diluted share) in the quarter versus a net loss of $177 million in the year-earlier quarter.
Revenue: Decreased 31.4% to $1.16 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Advanced Micro Devices, Inc. reported adjusted net loss of 14 cents per share. By that measure, the company met the mean analyst estimate of $0. It beat the average revenue estimate of $1.15 billion.
Quoting Management: “AMD continues to evolve our operating model and diversify our product portfolio with the changing PC environment,” said Rory Read, AMD president and CEO…
…Innovation is the core of our long-term growth. The investments we are making in technology today are focused on leveraging our distinctive IP to drive growth in ultra low power client devices, semi-custom SoCs and dense servers. We expect to deliver differentiated and groundbreaking APUs to our customers in 2013 and remain focused on transforming our operating model to the business realities of today.”
Revenue decreased 8.59% from $1.27 billion in the previous quarter. Net income increased to $102 million in the quarter versus a net loss of $157 million in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a loss of $0 and has not changed. For the current year, the average estimate is a loss of $0, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials.)