Advanced Micro Devices said its net income nearly doubled in the first quarter, but it still lags behind the performance of market leader Intel in the market for microprocessors for PCs.

Sunnyvale, Calif.-based AMD is the perennial underdog in the PC chip market, but it is an important counterweight to Intel’s near-monopoly power.

AMD saw its profit almost double to more than $510 million for the first quarter ended April 2, up from $257 million a year earlier. Revenues rose to $1.61 billion from $1.57 billion. Earnings were 68 cents a share, compared with 35 cents a share a year earlier. Excluding a one-time gain of $492 million from a change in the value of AMD’s stake in manufacturing spinoff Globalfoundires, AMD reported a profit of 8 cents a share. Analysts had expected 5 cents a share.

Excluding the one-time items, AMD’s profit actually declined 11 percent and revenue was up 2.5 percent. Intel, by contrast, saw its first-quarter profit rise 34 percent and revenue grow 25 percent. Intel was riding high on the launch of its Sandy Bridge processor, which combines graphics and microprocessor functions on one chip. Intel saw its prices increase, while AMD saw a decrease.

AMD also launched its Fusion graphics-processor combo chips in the same quarter, but apparently the result hasn’t been as strong for AMD. While Intel targeted high-end computers with its first Sandy Bridge chips, AMD targeted low-end laptops.

AMD’s chief executive, Dirk Meyer, left the company in January over a dispute on strategy. Thomas Seifert, interim chief executive and chief financial officer, said the results were disappointing. But he said the new code-named Llano chip that began shipping late in the quarter is one of the best the company has offered.