AMD Reports First Quarter Results – Profit Nearly Double, But Needs CEO

AMD announced revenue for the first quarter of 2011 of $1.61 billion, net income of $510 million, or $0.68 per share, and operating income of $54 million. The company reported non-GAAP net income of $56 million, or $0.08 per share, and non-GAAP operating income of $92 million. Graphics segment revenue decreased 3 percent sequentially and was flat year-over-year. The sequential decrease was driven primarily by a seasonal decline in royalties received in connection with the sale of game console systems. AMD expects revenue to be flat to slightly down sequentially for the second quarter of 2011.