AMD beats earnings targets as game console-chip shipments remain strong — but earnings are down big

Advanced Micro Devices reported financial results that beat Wall Street earnings targets thanks to strong sales of game console chips.

The chip maker reported a non-GAAP net profit of 2 cents a share on revenue of $1.4 billion, compared with expectations from analysts of break-even earnings and revenue of $1.34 billion. Revenue was up 28 percent from a year ago, and earnings were down dramatically from a year ago, dropping from $45 million last year to $12 million this year.