AMD's Quarter a Pleasant Surprise
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Advanced Micro Devices's quarterly results bettered Wall Street targets on Thursday, and its shares rose 33 cents in after hours trading as the smaller rival to Intel prepared to become two companies.
Net loss for the third quarter ending Sept. 27 was $67 million, or 11 cents per diluted share, compared with a loss of $396 million, or 71 cents per diluted share, in the same quarter a year earlier.
After excluding charges, AMD (NYSE: AMD) made 13 cents a share, far better than the average analyst estimate of a loss of 39 cents a share, according to Reuters Estimates.
AMD stock is down about 50 percent since the start of the year, compared with a 43 percent loss by the Philadelphia Stock Exchange Semiconductor Index during the same period.