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Is AMD making a comeback? Q3 numbers beat expectations, profits made

AMD posts Q3 profits, beats Wall Street expectations (NYSE:AMD)

| Business, Financial & Legal News | Posted: Oct 29, 2013 6:33 am

If there's a company capable of making a tremendous return, stomping its foot down firmly into the ground to claim victory, it's AMD. The chipmaker has finally returned to profitability after numerous years of bad results.

 

TweakTown image news/3/3/33621_03_is_amd_making_a_comeback_q3_numbers_beat_expectations_profits_made.jpg

 

AMD posted a Q3 revenue of $1.46 billion, representing a 15% year-over-year increase, and a net income of $48 million - or 4c per share. Moving onto the non-GAAP basis, AMD posted a net income of $31 million, with this figure including $22 million in restructuring charges. If AMD didn't have to take that restructuring charge, it would've enjoyed earnings of 6c per share.

 

The 'experts' over on Wall Street expected the company to report Q3 earnings of 2c per share on revenue of $1.41 billion. AMD CEO, Rory Read, said that the company's turnaround is part of its strategic transformation it talked about years ago: "We achieved 26 percent sequential revenue growth driven by our semi-custom business and remain committed to generating approximately 50 percent of revenue from high-growth markets over the next two years. Developing industry-leading technology remains at our core, and we are in the middle of a multi-year journey to redefine AMD as a leader across a more diverse set of growth markets."

 

At the time of writing, AMD's shares were down 0.6% to $3.32 a piece.

NEWS SOURCE
Zdnet.com

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