AMD has reason to be celebrating being in all three next-generation gaming consoles. According to a former AMD executive, the Microsoft Xbox One deal is worth $3 billion alone. Add to that fact that the PlayStation 4 will likely sell in similar numbers to the Xbox One and you can see that this was a major deal for AMD.
With computer sales floundering, having this semi-new market available will help the chipmaker. AMD has been unable to compete with Intel directly using only performance, so hopefully this cash infusion will boost their CPU abilities and GPU abilities. Bob Feldstein, former AMD Corporate Vice President of Business Development (now with NVIDIA as VP of Technology):
This required the coordination of multiple functional teams within AMD, as well as regular customer meetings with leadership teams responsible for handling the challenges of complex, multi-year deals. This project is valued at $3+B.
It remains to be seen if this will be enough to turn the company around. However, as of late the company has been bringing talent back from other companies, which could indicate a resurgence.