Low expectations and (possibly) short-covering are helping AMD (AMD +9.2%) rally following a...


Low expectations and (possibly) short-covering are helping AMD (AMD +9.2%) rally following a slight Q4 beat and below-consensus Q1 guidance. The gains come even though CPU division sales fell 37% Y/Y in Q4 (Intel's PC CPU division sales fell only 6%), and GPU division sales 15%. But servers were a relative bright spot: AMD noted in its CFO commentary (.pdf) server CPU sales rose Q/Q, and mentioned on its earnings call its SeaMicro unit recorded "significant revenue growth." Gross margin was 39%, down from 46% in Q4 '11 but up from 31% in Q3.
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