AMD results were better than most expected -

AMD's results have confused many analysts who think that the PC has been replaced by tablets, smartphones and Apple gear.

The fabless chipmaker had been a little slow to jump on the mobile wagon, and many said the company was stuffed.

After all, if the PC was dead, then the fact that the European market was suffering and there was an unsteady recovery in the United States should mean that AMD was toast.

AMD posted first-quarter revenues of $1.59 billion, down from $1.61 billion in the year-ago period. It estimated second-quarter revenue would rise three percent from the previous quarter.

Wall Street had expected AMD to post $1.56 billion in revenue for the first quarter and $1.59 billion for the current quarter, a sequential rise of 2 percent.

AMD lost $590 million compared to a net profit of $510 million, a year back.

MKM Partners analyst Daniel Berenbaum who has looked at AMD's numbers told Reuters  that there were some decent Q1 numbers and a good Q2 guidance. This is indicative of a rebound in PC builds. This result also follows better-than-expected results from Microsoft, which suggests the same thing.

It is not all good for AMD. It faces stiff competition as Intel releases Ivy Bridge next week, and builds sales of its recently launched Romley server platform.