SANTA CLARA, Calif. (AP) _ Advanced Micro Devices Inc. (AMD) on Tuesday reported first-quarter profit of $555 million.

On a per-share basis, the Santa Clara, California-based company said it had profit of 45 cents. Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, were 52 cents per share.

The results beat Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The chipmaker posted revenue of $3.45 billion in the period, which also beat Street forecasts. Eleven analysts surveyed by Zacks expected $3.21 billion.

For the current quarter ending in July, Advanced Micro said it expects revenue in the range of $3.5 billion to $3.7 billion.

Advanced Micro shares have declined 7% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $85.21, a rise of 51% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMD at https://www.zacks.com/ap/AMD

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