Updated AMD has announced its financial results for its first fiscal quarter, and the chip designer handily beat analysts' expectations in both revenues and the all-important – to the Wall Street moneymen, at least – earning per share (EPS).

On both a GAAP and non-GAAP basis – which excludes one-time items* – AMD reported revenues of $1.397bn, and an EPS on a non-GAAP basis of $0.02. Net income was $12m on a non-GAAP basis, and a loss of $20m, GAAP.

Not that the EPS estimates of the 23 analysts surveyed by the Thomson Financial Network, as reported by Yahoo Finance were all that optimistic – on average, they predicted an EPS of exactly $0.00, with the highest estimate being $0.03.

Those same 23 worthies had estimated total revenues for the quarter to be $1.34, with a low estimate of $1.33bn and a high of $1.41bn. AMD's revenues for the year-ago quarter had been $1.09bn with an EPS of negative $0.19, so things are looking up for the chip designer.

Last quarter, when AMD's revenues were $1.59bn, the company said that it expected revenues to drop 16 per cent this quarter, plus or minus 3 per cent – a reasonable slippage considering that first-quarter results typically droop more than a little.

We'll do the math for you: AMD's $1.397bn in revenues was down 12 per cent sequentially, beating its own projections. Looked at year-on-year, revenues were up 28 per cent.

AMD has been on a product-releasing tear recently, beginning with the Kaveri desktop and laptop chip released this January, and followed by the "Warsaw" Opteron server chips, the 16GB FirePro W9100 workstation graphics card, and the 11.5TFLOPS Radeon R9 295X2 graphics card for the "ultra-enthusiast at the apex of PC gaming."

Then there's the HSA-enabled "Berlin" Opteron server chip announced last June, demoed at this week's Red Hat Summit and scheduled for release later this year – and we're still awaiting word on when AMD's ARM-based "Seattle" Opteron server ships will hit the streets.

According to company president and CEO Rory Read, "We are well positioned to continue to grow profitably as we diversify our business and enable our customers to drive change and win."

For its current quarter, AMD expects revenues to increase 3 per cent, plus or minus 3 per cent, which apparently pleased Wall Street – the company's stock jumped 5 per cent in after-hours trading immediately after it announced its first-quarter results and second-quarter projections. ®

* Update

These one-time items, an AMD spokesman told The Reg in an email, "include workforce rebalancing charges, loss from the debt redemption we did in the quarter and amortization of intangible assets."