SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Advanced Micro Devices Inc. (AMD) on Tuesday reported first-quarter net income of $1.38 billion.
The Santa Clara, California-based company said it had net income of 84 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.37 per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.
The chipmaker posted revenue of $10.25 billion in the period, also surpassing Street forecasts. Eleven analysts surveyed by Zacks expected $9.85 billion.
For the current quarter ending in June, Advanced Micro said it expects revenue in the range of $10.9 billion to $11.5 billion.
Advanced Micro shares have climbed 67% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $356.81, more than tripling in the last 12 months.
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