delayed 20 mins - disclaimer
Wednesday July 19, 5:37 pm Eastern Time
Advanced Micro's Q2 net betters forecasts
PALO ALTO, Calif., July 19 (Reuters) - Advanced Micro Devices Inc. on Wednesday reported second-quarter results that blew past analyst forecasts and also set a 2-for-1 stock split.
Advanced Micro(NYSE:AMD - news), Intel Corp.'s chief rival in the market for microprocessors, said that for the quarter ended July 2, net income rose to $207.1 million, or $1.21 a share, from $79.9 million, or 53 cents a share, a year ago. Sales nearly doubled to $1.17 billion from $595.1 million.
The results easily topped analyst forecasts of $1.14 a share, according to First Call/Thomson Financial, which tracks analyst forecasts.
The company has been on a roll in recent quarters, particularly since the introduction of its flagship Athlon processor, which competes directly with Intel's Pentium III.
AMD also said it expects third-quarter sales to exceed those in the just-completed period. It also expects to ship 3.6 million Athlon and Duron processors in the third quarter and 7.2 million in the fourth quarter.
Shares of Sunnyvale, Calif.-based AMD rose 1 to 92 in composite trading on the New York Stock Exchange. The stock has traded in a 52-week range of 15-5/8 and 97.