Advanced Micro Devices posted wildly better than expected results for the first quarter, earning $45 million on a 73 percent increase in sales to $1.23 billion.
The earnings of 12 cents per diluted share for the quarter ended March 28 blew away the 3 cents per diluted share Wall Street consensus estimate, according to a survey of analysts by Thomson First Call. In the year ago quarter, AMD posted a net loss of $146 million, or 42 cents per share, on sales of $715 million.
AMD shares closed down 4 cents per share Wednesday at $17.12, hovering near the 52 week high of $18.50.
"Our performance in the first quarter of 2004 was driven by record sales, solid growth and strong execution," Robert Rivet, AMD's CFO, said in a prepared statement. "Our Flash memory and microprocessor businesses delivered solid sales results in a seasonally down quarter and both business lines were profitable. Sales were especially strong in Asia Pacific and Latin America."
Rivet said that adoption of the AMD64 platform continued to accelerate, with processor unit volume shipments more than doubling quarter on quarter. Both Hewlett-Packard and Sun Microsystems began shipping AMD Opteron processor-based servers for the first time in the quarter.
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