AMD Reports Quarterly Earnings for Q2 2011

AMD yesterday followed a slew of companies announcing quarterly financial results and revealed the closing figures for its own Q2 2011.

AMD today announced revenue of $1.57 billion for the second quarter of 2011, a two percent sequential decrease and a five percent decrease year-over-year. Net income was $61 million while earnings per share (EPS) and operating income were $0.08 and $105 million, respectively. This is compared with a net income of $43 million or $0.06 per share for the same period in 2010 and $510 million or $0.68 per share for Q1 2011. AMD posted a non-GAAP net income of $70 million, and non-GAAP EPS and operating income were $0.09 and $114 million respectively.

AMD also talked about what it wants for the upcoming quarter, revealing that it expects to see revenue increase 10 percent, plus or minus two percent, sequentially for the third quarter of 2011. Bloomberg reports that the average analyst is predicting eight percent revenue growth for AMD in the next quarter.

"In the first half of 2011, AMD brought to market the most competitive client offerings in our history, reinforcing our position as a design and innovation powerhouse," Thomas Seifert, CFO and Interim CEO, said via statement yesterday "Today's computing experience is increasingly being defined by the ability to deliver brilliant multimedia and video content with all day battery life. Fusion APUs are ideal to meet this need, positioning AMD to gain unit market share in the mobile computing space."

AMD is still actively looking for a new Chief Executive Officer and Harry Wolin, senior vice president and general counsel at AMD, yesterday said that while finding a CEO is still top priority, the company is taking time to search for the best candidate as opposed to finding someone to fill the spot ASAP.