US chip manufacturer AMD (NYSE: AMD) saw its net profit grow 98% year-over-year to US$510mn during the first quarter of 2011, ended April 2, according to results released by the company.
Sequentially, the company's net income grew 36% in the quarter, from US$375mn in 4Q10.
AMD reported revenue of US$1.61bn during the quarter, growing 2% from US$1.57bn in 1Q10, while slipping 2% from US$1.65bn during 4Q10.
In its computing solutions segment, AMD saw net revenue of US$1.2bn, down 2% from US$1.22bn in 4Q10 and up 3% from US$1.16bn in 1Q10. According to the company, the sequential decrease was driven by a lower average selling price, while the year-over-year increase was due to microprocessor unit sales in the channel.
AMD's graphics segment posted net revenue of US$413mn, compared with US$424mn in 4Q10 and US$409mn in 1Q10. The company said the sequential decrease was driven largely by a seasonal decline in royalties received from game console system sales.
For the second quarter of 2011, the company expects revenues to be flat to slightly down sequentially.
Use this link to view the full results.