Advanced Micro Devices posted a fourth quarter profit on Thursday after the close, boosted by a settlement payment from rival Intel.

The chip-maker reported fourth-quarter profit of $1.18 billion, or $1.52 a share, versus a loss of $1.44 billion, or $2.36 a share, last year.

Revenue was $1.65 billion, up 42 percent from the same quarter the previous year. On an adjusted basis, the company posted a loss of 8 cents a share.

AMD's quarter marks another milestone in our transformation and underscores our growing momentum, said AMD Chief Executive Dirk Meyer, in a statement.

The results were better than the expected loss of 17 cents per share on $1.49 billion revenue.

AMD said moving forward it would no longer consolidate the financial results of GlobalFoundries, which was spun off from the company's manufacturing operations.

Intel Electronics