Advanced Micro Devices Inc. (NYSE: AMD) remains on track as a candidate that could still potentially see its stock double in 2014 after such a solid earnings report from last Thursday. AMD shares were indicated up handily on Monday’s early premarket trading as one of the better technology reports from a long-term turnaround.

AMD offered several key figures in the earnings report:

• Revenue rose 28% from a year ago to $1.40 billion in its first quarter (down 12% sequentially); Thomson Reuters was calling for revenue to be only $1.34 billion.
• The net loss of $20 million after all items was a loss of $0.03 per share, but the adjusted figure is a positive net income of $12 million with non-GAAP earnings per share of $0.02 — versus the Thomson Reuters breakeven estimate on the adjusted number.
• AMD’s outlook for the second quarter of 2014 is for sequential revenue growth to be 3% (with a plus or minus 3% variable) for a baseline of $1.442 billion, or a range of $1.40 billion to $1.484 billion. Thomson Reuters was calling for only $1.36 billion.
• AMD said that its gross margin was 35% in the first quarter, sequentially unchanged.
• AMD’s cash and cash equivalents were $982 million at the end of the quarter.

ALSO READ: Why AMD Was Listed as One of Nine Stocks That Could Double in 2014

AMD investors have grown used to post-earnings sell-offs, but that is so far not the case on Monday. AMD shares closed down almost 2% at $3.69 ahead of earnings but the stock was up close to 5% at $3.85 in the after-hours session. On Monday morning, AMD shares were up almost 7% at $3.93 in early trading indications.

After the earnings news, AMD shares are still a candidate as one of those stocks that could double in 2014.

For whatever it is worth, Credit Suisse maintained its Underperform rating and $3 price target. The firm said AMD’s strength was driven by better-than-expected revenue from gaming consoles and a healthy demand for its Radeon GPUs. Credit Suisse also said that this marked the third consecutive quarter of profitability for AMD. It still remains on the sidelines until it has conviction relative to AMD’s earnings upside potential.

Susquehanna also said that AMD still has much heavy lifting to do with many risks still ahead of it.

President and CEO Rory Read’s quote was as follows:

AMD continued our momentum by building on the solid foundation we set in the second half of 2013, further transforming the company. Backed by our powerful x86 processor cores and hands-down best graphics experiences, we achieved 28 percent revenue growth from the year-ago quarter. We are well positioned to continue to grow profitably as we diversify our business and enable our customers to drive change and win.

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