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AMD Q1 mixed, but better than expected

AMD's outlook for the second quarter assumes flat sales to growth of 3 percent compared to the first three months of the year.
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Written by Larry Dignan, Contributor on

Chipmaker AMD reported mixed results for its first quarter, but beat expectations. AMD sees revenue increasing slightly in the second quarter.

AMD reported a first quarter net loss of $590 million, or 80 cents a share, on revenue of $1.59 billion, down 2 percent from a year ago. Non-GAAP earnings were 12 cents a share.

Wall Street was expecting AMD to report non-GAAP earnings of 9 cents a share on revenue of $1.56 billion.

AMD said that non-GAAP earnings excluded a charge relating to a revised agreement with Globalfoundries, SeaMicro acquisitions costs, restructuring and a tax benefit.

In a statement, AMD CEO Rory Read said that the company has launched new chips and is positioned to "win and grow." As for the outlook, AMD projected second quarter revenue to increase 3 percent, plus or minus 3 percent relative to the first quarter.

By the numbers:

  • Cash and equivalents was $1.71 billion at the end of the first quarter.
  • AMD had 13 weeks of inventory.
  • Computing solutions revenue was flat.
  • Average selling prices for AMD chips was flat.
  • Graphics chip revenue fell 7 percent in the first quarter compared to a year ago.

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