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AMD Doubles Profits, Beats Wall Street Profjections

Computer processor manufacturer AMD has posted greater than expected first quarter results, building on the demand for its new chips.

The Intel-rival posted a profit of 8 cents per share for the first quarter, beating Wall Street estimates of 6 cents per share.

The company also revealed that sales in the first quarter rose by 2.5 percent to $1.61 billion, matching analyst estimates. AMD’s net income was $510 million, or 68 cents a share, practically doubling its profits year on year.

Despite the strong first quarter results, AMD announced that it was somewhat pessimistic about its second quarter results, predicting that sales would soften slightly.

While discussing the results, which had also exceeded AMD's internal projections, AMD’s interim CEO Thomas Seifert said that the company was actively looking for a CEO. The company’s former CEO Dirk Meyer resigned after a falling out with AMD’s board over long-term strategy.

“Well, it's in the hands of the board so the management, that's not a management topic. But I think our chairman was explicit that finding the right candidate is more important than hitting a specific time window,” Seifert said in a conference call with analysts.

AMD's results follow a spate of tech firms listing strong first quarter results in recent days.