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Advanced Micro Devices, Inc. (NASDAQ: AMD) reported first quarter financial results after markets closed on Monday. The company said that it had a net loss of $0.04 per share and $984 million in revenue versus consensus estimates that called for a net loss of $0.04 per share and $984.38 million in revenue. The same period from last year had a net loss of $0.12 per share and $832 million in revenue.

Revenue jumped 18% year over year, driven by higher revenue in both the Computing and Graphics, and Enterprise, Embedded, and Semi-Custom business segments, although revenue was down 11% sequentially, due primarily to seasonality in both segments. However, the Computing and Graphics segment revenue decline was below the seasonal norm due to initial sales from high-performance Ryzen desktop processors.

The company reported its segment revenues as:

• Computing and Graphics segment revenue was $593 million, up 29% from last year.
• Enterprise, Embedded, and Semi-Custom segment revenue was $391 million, up 5%.

In terms of the outlook for the coming quarter, the company expects to see revenues increasing by 17% sequentially, plus or minus 3%. The midpoint guidance would result in second quarter revenue increasing approximately 12% year over year. The consensus estimates are calling for a net loss of $0.01 per share and $4.74 billion in revenue for the second quarter.

On the books, cash, cash equivalents, and marketable securities totaled $943 million at the end of the quarter, down $321 million sequentially.

Dr. Lisa Su, AMD President and CEO, commented:

We achieved 18 percent year-over-year revenue growth driven by strong demand for our high performance Ryzen CPUs as well as graphics processors. 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.

Shares of AMD closed 2.4% up on the day at $13.61, with a consensus analyst price target of $12.20 and a 52-week trading range of $3.45 to $15.55. Following the release of the earnings report, the stock was initially down 6.4% at $12.75 in the after-hours trading session.