AMD's Earnings Beat the Street, Stock Drops Anyway

Advanced Micro Devices (AMD) surprised the Street by topping expectations when it announced its fourth-quarter earnings Thursday afternoon. During the quarter, the semiconductor firm earned $1.18 billion, or $1.52 per share. A year earlier, AMD lost $1.44 billion, or $2.36 per share. Adjusted earnings dipped into negative territory, as AMD lost 8 cents per share -- but that was still better than the expected loss of 17 cents per share. Revenue checked in at $1.65 billion, handily topping expectations of $1.49 billion.