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AMD double profit in Q1 2011

AMD have had a great start to the year, reporting profit increases of $510 million, up from $257 million the year before.

Revenue was up to $1.61 billion from $1.57 billion last year and earning were at 68 cents a share, compared with 35 cents a share the year before. Analysts also underestimated their performance, predicting a 5 cents a share profit, but it worked out at 8 cents a share.

AMD made a one off gain of $492 million due to a change in the value of its stake in spin off manufacturing group Globalfoundries. Looking at the gains without Globalfoundries involved, they show an 11 percent drop although revenue was still up by 2.5 percent.

Thomas Seifert, CFO and interim CEO said “First quarter operating results were highlighted by strong demand for our first generation of AMD Fusion Accelerated Processing Units (APUs). APU unit shipments greatly exceeded our expectations, and we are excited to build on that momentum now that we are shipping our ‘Llano’ APU.”

KitGuru says: Intel have also shown good growth with profit rising 34 percent on increased revenue of 25 percent.

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