AMD turns a first quarter profit

Advanced Micro Devices delivered a first quarter profit in the latest sign that the PC and server upgrade cycle is gaining momentum.

AMD delivered net income of US$257 million, or 35 cents a share on revenue of US$1.57 billion, up from US$1.18 billion a year ago (statement). AMD's revenue was down a bit from the US$1.65 billion delivered in the fourth quarter. On a non-GAAP basis the chip maker reported a profit of 9 cents a share.

Wall Street was expecting AMD to report a loss of 5 cents a share. In a statement, AMD CEO Dirk Meyer credited new graphic and server chips for boosting the company's prospects.

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