Advanced Micro Devices, Inc. (AMD Quick QuoteAMD - Free Report) just released its first-quarter 2017 financial results, posting adjusted earnings of -$0.07 and revenues of $984 million.

Currently, AMD is a Zacks Rank #2 (Buy), but this ranking could change based on today’s results. The stock is down 7.86% to $12.55 per share in trading shortly after its earnings report was released.

AMD:

Matched earnings estimates. The company posted a loss of 7 cents per share (excluding one penny from non-recurring items), matching the Zacks Consensus Estimate of -$0.07.

Beat revenue estimates. The company saw revenue figures of $984 million, beating our consensus estimate of $983 million.

Revenues were up 18% year-over-year, driven by better results in both the Computing and Graphics and Enterprise, Embedded, and Semi-Custom business segments. Computing and Graphics revenue was up 29% to $593 million, while Enterprise, Embedded, and Semi-Custom revenue gained 5% to $392 million.

For the second quarter of 2017, AMD expects revenue to increase approximately 17 percent sequentially, plus or minus 3 percent. The midpoint of guidance would result in second quarter 2017 revenue increasing approximately 12 percent year-over-year.

“We achieved 18 percent year-over-year revenue growth driven by strong demand for our high performance Ryzen CPUs as well as graphics processors," said CEO Dr. Lisa Su. "We are positioned for solid revenue growth and margin expansion opportunities across the business in the year ahead as we bring innovation, performance, and choice to an expanding set of markets."

Here’s a graph that looks at AMD’s recent earnings performance history:

Advanced Micro Devices, Inc. Price, Consensus and EPS Surprise

Advanced Micro Devices, Inc. Price, Consensus and EPS Surprise | Advanced Micro Devices, Inc. Quote

For more than 45 years AMD has driven innovation in high-performance computing, graphics, and visualization technologies — the building blocks for gaming, immersive platforms, and the datacenter. Hundreds of millions of consumers, leading Fortune 500 businesses, and cutting-edge scientific research facilities around the world rely on AMD technology daily to improve how they live, work, and play. AMD employees around the world are focused on building great products that push the boundaries of what is possible.

Check back later for our full analysis on AMD’s earnings report!

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