Thursday, July 21, 2011

Advanced Micro Devices (NYSE: AMD): Q2 2011 Earnings Roundup

Advanced Micro Devices, Inc. (NYSE: AMD)  said Thursday that it swung to a second quarter profit of $61 million, or 8 cents per share, compared to a loss of $43 million, or 6 cents per share, in the year-ago quarter. On an adjusted basis, the company earned 9 cents per share in the latest quarter. Revenue dropped to $1.57 billion from $1.65 billion. Analysts, on average, expect the company to report earnings of 8 cents a share on revenue of $1.58 billion.

"In the first half of 2011, AMD brought to market the most competitive client offerings in our history, reinforcing our position as a design and innovation powerhouse," said Thomas Seifert, CFO and Interim CEO. "Today's computing experience is increasingly being defined by the ability to deliver brilliant multimedia and video content with all day battery life. Fusion APUs are ideal to meet this need, positioning AMD to gain unit market share in the mobile computing space."

Looking ahead, AMD said that it expects revenue to increase 10 percent, plus or minus 2 percent, sequentially for the third quarter of 2011.

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