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Advanced Micro: 1Q Earnings Snapshot

SANTA CLARA, Calif. (AP) _ Advanced Micro Devices Inc. (AMD) on Tuesday reported first-quarter profit of $16 million.

The Santa Clara, California-based company said it had net income of 1 cent per share. Earnings, adjusted for one-time gains and costs, were 6 cents per share.

The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.

The chipmaker posted revenue of $1.27 billion in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $1.26 billion.

For the current quarter ending in July, Advanced Micro said it expects revenue in the range of $1.47 billion to $1.57 billion. Analysts surveyed by Zacks had expected revenue of $1.5 billion.

Advanced Micro shares have climbed 50% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $27.63, more than doubling in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMD at https://www.zacks.com/ap/AMD