AMD records profit in Q3 despite manufacturing issues

AMD reported a slight growth in profit and revenue despite facing manufacturing issues

Advanced Micro Devices on Thursday reported revenue and profit growth for the third fiscal quarter of 2011, despite issues with the manufacturing of processors.

Advanced Micro Devices reported revenue of US$1.69 billion after late last month reducing its revenue projection for the quarter ending Oct. 1, after its manufacturing partner Globalfoundries had problems with chips manufactured using a 32-nanometer process. The yield problems led to a limited supply of AMD's Fusion chips for mainstream PCs.

Third-quarter revenue was "adversely impacted" by the manufacturing issues experienced by a manufacturing partner, AMD said in a statement. AMD's revenue grew by 4 percent compared to the third quarter last year.

AMD reported profit of $110 million on a non-GAAP basis, a slight increase from profit of $108 million during the third quarter last year. Earnings per share were $0.15, which beat estimates of $0.10 from analysts polled by Thomson Reuters.

On a GAAP basis, AMD reported profit of $97 million, improving from a loss of $118 million in the third quarter last year.

Revenue for the computing solutions group, which deals in PC and server chips, grew to $1.29 billion from $1.23 billion in last year's third quarter. Revenue for the graphics segment during the quarter was $403 million, growing from $390 million last year.

For the fourth quarter, AMD said it expects revenue to increase sequentially by 3 percent, plus or minus 2 percent.

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