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Chipmaker AMD’s quarterly results beat Street, stock jumps

18
Apr
2014

Advanced Micro Devices Inc’s first-quarter results beat expectations, sending its shares higher as the chipmaker tries to replace dwindling sales of PC chips with its processors for game consoles. With the PC industry shrinking for eight straight quarter due to consumers’ preferences for tablets and smartphones, AMD is expanding into new markets and aims to get half of its revenue from new, fast-growing businesses by the end of 2015. Chief among those efforts, the Sunnyvale, California, company is supplying processors for Microsoft Corp and Sony Corp’s latest game consoles in a bid to make up for its declining PC business.

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