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AMD Tops Estimates With 4th Quarter Results

SUNNYVALE, Calif. (AP) - Advanced Micro Devices is reporting that its fourth-quarter profit shrunk from a year ago, when a big legal settlement against archrival Intel pumped up earnings.

Excluding unusual items, the chip maker's results for the last three months of 2010 topped Wall Street forecasts. Its stock is up almost 2 percent in extended trading.

AMD earned $375 million, or 50 cents per share, down from $1.18 billion, or $1.52 per share, a year ago. Stripping out one-time gains, the company says earnings per share rose to 14 cents from 11
cents.

On that basis, analysts surveyed by FactSet expected earnings per share to remain flat from the year-ago quarter.

AMD's revenue came in flat at $1.65 billion, a little better than the $1.63 billion analysts were looking for.

(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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