Advanced Micro Devices, Inc. (NYSE:AMD) earnings hit this afternoon, Thursday July 17, right after the market closed on Wall Street. The chip maker showed earnings per share of $0.02 for the period on revenue totaling $1.44 billion. Today’s turbulent market saw the company’s stock drop more than 3% of its value before the market finished for the day, leaving it with a closing price of $4.57 per share.

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In the run up to the release of the official numbers, analysts were predicting earnings per share of $0.03 from the company on revenue totaling $1.4 billion. The estimates are the consensus results from a Bloomberg survey of 23 analysts following the company’s prospects. In the same three months of 2013 Advanced Micro Devices, Inc. (NYSE:AMD) lost 9 cents per share on revenue of $1.2 billion.

AMD’s transformation on track

Despite missing expectations in the second quarter earnings report, Advanced Micro Devices, Inc. (NYSE:AMD) CEO Rory Read was very positive about the company in the earnings release. The Chief executive lauded the efforts of the company to transform its business in the quarter, and concentrated on the future rather than today’s numbers.

“Our transformation strategy is on track and we expect to deliver full year non-GAAP profitability and year-over-year revenue growth. We continue to strengthen our business model and shape AMD into a more agile company offering differentiated solutions for a diverse set of markets,” the CEO said in the company’s earnings press release.

The Advanced Micro Devices, Inc. (NYSE:AMD) seeks to pivot the company toward a life at the center of the “internet of things.” The company is developing many different kinds of chips in order to push the idea of a fully connected life. Traders weren’t happy with talk of the company’s talk of transformation without growth, however. Stock in AMD lost 15% of its value directly after the announcement of its earnings numbers.

Sales are all important

Profit is not what investors really want to see at Advanced Micro Devices, Inc. (NYSE:AMD). The firm’s collapse in recent years has made one thing stand out in importance above all else. Advanced Micro Devices, Inc. (NYSE:AMD) needs to grow its revenue in order to be considered a functioning business. This quarter saw it do just that, and some investors will be happy with that development despite rising costs.

CEO Rory Read said “The second quarter capped off a solid first half of the year for AMD with strong revenue growth and improved financial performance.” Revenue growth is expected to continue at Advanced Micro Devices, Inc. (NYSE:AMD), and the company’s future is will have to be based on significant and consistent growth in sales.

A conference call for analysts and investors seeking to talk to Advanced Micro Devices, Inc. (NYSE:AMD). Executives about today’s earnings report will be held at 5 PM EST this afternoon. Topics of conversation are bound to include the reason behind the company’s spike in costs in the second quarter along with its outlook on the current generation of games consoles and its hopes to expand into a multi-device chip maker.