AMD Q1 mixed, but better than expected
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.