AMD posts Q1 2010 net income of $257 million

AMD announced a first quarter profit of $257 million, or 35 cents per share, on revenue of $1.57 billion. This compared to a loss of $416 million, or 66 cents per share, on revenue of $1.18 billion in the same period the year before. Adjusted net income was $63 million, or 9 cents per share, which is significantly better than Wall Street analysts' expectations of a loss of 3 cents per share on revenue of $1.5 billion.

For the current quarter AMD expects revenue to be down seasonally. Despite better than expected results, AMD shares have plunged 5.51 percent to $9.60 in after-hours trading.

AMD (NYSE:AMD) today announced revenue for the first quarter of 2010 of $1.57 billion, net income of $257 million, or $0.35 per share, and operating income of $182 million. The company reported non-GAAP net income of $63 million, or $0.09 per share, and non-GAAP operating income of $130 million.

“Strong product offerings and solid operating performance resulted in record first quarter revenue,” said Dirk Meyer, AMD President and CEO. “We continue to strengthen our product offerings. We launched our latest generation of server platforms, expanded our family of DirectX 11-compatible graphics offerings, and commenced shipments of our next-generation notebook platforms to customers.”