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AMD beats 1Q estimates
April 18, 2001: 5:57 p.m. ET

No. 2 chipmaker records profit of 37 cents per share, revenue of $1.2B
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NEW YORK (CNNfn) - Semiconductor company Advanced Micro Devices Inc. beat first-quarter consensus estimates for earnings and revenue, citing strong sales of its high-end Athlon and lower-end Duron processors.

AMD (AMD: Research, Estimates) on Wednesday reported net income of $124.8 million, or 37 cents pre share, with sales up 9 percent to $1.2 billion from year-earlier levels. Analysts surveyed by First Call expected the No. 2 U.S. chipmaker to earn 33 cents per share, with revenue of $1.1 billion.

Total PC processor sales were $661 million, up 17 percent from the year-ago period.

But sales of flash memory products fell 10 percent to $411 million because of "a sharp decline in demand from the communications sector of the economy," the company said.

The Sunnyvale, Calif.-based company said it expects a seasonally slow second quarter, with overall revenue declining by as much as 10 percent, but for all of 2001 it expects to meet First Call earnings expectations of $1.50 per share.

On Tuesday top chipmaker Intel (INTC: Research, Estimates) said it expects a stronger second half of the year.

Shares of AMD rose $4.85, more than 20 percent, to $27.85 in late trading on the New York Stock Exchange. Trading was halted after hours. graphic