AMD turns a first-quarter profit

Advanced Micro Devices delivered a first-quarter profit in the latest sign that the PC and server upgrade cycle is gaining momentum.

AMD delivered net income of $257 million, or 35 cents a share, on revenue of $1.57 billion, up from $1.18 billion a year ago (statement). AMD's revenue was down a bit from the $1.65 billion delivered in the fourth quarter. On a non-GAAP basis the chipmaker reported a profit of 9 cents a share.

Wall Street was expecting AMD to report a loss of 5 cents a share. In a statement, AMD CEO Dirk Meyer credited new graphics and server chips for boosting the company's prospects.

Read more of "AMD turns a first quarter profit" at ZDNet's Between the Lines.