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Advanced Micro Devices profit misses consensus by 28.4% in Q3

Advanced Micro Devices, Inc. said its normalized net income for the third quarter was $56.3 million, compared with a loss of $625,000 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 3.4% from negative 0.0% in the year-earlier period.

Total revenue grew 25.7% on an annual basis to $1.64 billion from $1.31 billion, and total operating expenses grew 20.4% on an annual basis to $1.52 billion from $1.26 billion.

Reported net income totaled $72.9 million, or 7 cents per share, compared with a loss of $407.5 million, or a loss of 50 cents per share, in the year-earlier period.