updated 06:55 pm EDT, Thu July 21, 2011
Financial results exceed expectations
AMD has posted its second-quarter financial results, which point to a net income of $61 million from total revenues of $1.57 billion. The company appears to have returned to profitability, as the latest quarter compares to a net loss of $43 million for the same period last year, however overall revenue was down by 4.8 percent.
Despite the company's turnaround in profits, its graphics segment showed lackluster performance as revenue slid by 11 percent. The drop was blamed on lower shipments of discrete graphics components for mobile devices.
AMD CFO and interim CEO Thomas Seifert highlighted the company's Fusion chips as a strong seller, which the company expects to continue to gain market share. For the third quarter, the company expects its revenue to increase by approximately 10 percent.
The second-quarter results were paired with Seifert's comments, as the company still lacks a permanent CEO to fill Dirk Meyer's shoes after the former executive departed amid disagreements with the board of directors. The company has yet to name a potential candidate to fill the position, which has been empty for the better part of a year.