Advanced Micro's third-quarter results beat expectations

Reuters

By Noel Randewich

SAN FRANCISCO (Reuters) - Advanced Micro Devices (NYS:AMD) posted third-quarter results above expectations as the chipmaker turns to new game consoles to offset slow demand in the personal computer industry.

AMD's recently surging stock declined 6 percent in extended trade after closing unchanged at $4.09 (2.53 pounds).

Advanced Micro Devices reported a third-quarter net profit of $48 million, or 6 cents a share, compared to a net loss of $157 million or 21 cents a share in the year-ago quarter as the chipmaker turns to upcoming game consoles to offset slow demand for personal computers.

The company said its non-GAAP earnings per share were 4 cents, beating expectations of 2 cents a share.

AMD said on Thursday its third-quarter revenue was $1.46 billion, compared to $1.27 billion in the same quarter last year. Analysts on average expected third-quarter revenue of $1.416 billion, according to Thomson Reuters I/B/E/S.

It said fourth-quarter revenue would rise 5 percent, plus or minus 3 percent, compared with the September quarter. That would be about $1.533 billion.

Analysts on average expected third-quarter revenue of $1.416 billion and fourth-quarter revenue of $1.508 billion, according to Thomson Reuters I/B/E/S.

(Reporting by Noel Randewich; Editing by Carol Bishopric)

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