Advanced Micro Devices ($AMD) reported a decent quarter, and it looks like it might have gained a little market share. The company reported non-GAAP EPS of $0.09 on revenue of $1.57 billion. The Street estimate was at $0.08 a share on revenue of $1.58 billion. Gross margins came in at 46%.

The company is guiding third-quarter revenue up 8% to 12%, which at the midpoint implies about $1.73 billion (the Street is at $1.71 billion). The company also suggested that gross margins could be up 1% sequentially during the third quarter. Overall, it was a decent quarter. In fact, it was probably a little better than expected. AMD will always be in a tough position within the industry to really take market share and grow faster than the end market. However, given how beaten down the stock is, it could rally some here, given the low valuation (11X forward estimates). - B. Thomas