Advanced Micro Devices Inc. AMD set to report first-quarter 2017 results on May 1. Notably, the company has a mixed record of earnings surprises in the trailing four quarters, with an average positive surprise of 35.76%.In the last quarter, the company reported loss of 4 cents per share, which was in line with the Zacks Consensus Estimate. Revenues increased 15.4% year over year to $1.11 billion primarily driven by higher Graphics Processor Unit (GPU) sales. Moreover, revenues were well above the Zacks Consensus Estimate of $1.07 billion.However, first-quarter guidance was disappointing. Management expects revenues to decrease 11% sequentially (+/- 3%), primarily due to seasonal weakness in semi-custom and graphics products. (Read More: Advanced Micro Q4 Loss In Line, View Disappoints)Advanced Micro Devices, Inc. Price and EPS Surprise Advanced Micro Devices, Inc. Price and EPS Surprise | Advanced Micro Devices, Inc. QuoteNevertheless, we note that Advanced Micro almost performed in line with the Zacks Electronics Semiconductors industry on a year-to-date basis. While the stock returned 19.2%, the industry gained 17.3%.We believe that the company’s expanding product portfolio will help the stock gain momentum in the rest of 2017.Let’s see how things are shaping up for this announcement.Factors to Consider The company’s improving position in key markets – like virtual reality (VR) and augmented reality (AR), gaming and parallel processing – driven by the launch of Radeon and Ryzen chips is a key catalyst.Advanced Micro recently launched Radeon Pro Duo graphics card with dual GPU, which primarily targets high-end graphic and multi-task oriented work like media, entertainment and broadcasting. It is a significant addition to the product portfolio. (Read More: AMD Stock Gains as ITC Accepts Patent Violation Complaint)We believe that the expanding product portfolio will drive top-line growth. Further, we believe that growing adoption of Ryzen high-performance desktop processors along with Radeon line of GPUs improves the company’s competitive position against the likes of Intel and NVIDIA NVDA.Earnings Whispers?Our proven model does not conclusively show that Advanced Micro is likely to beat earnings this quarter. This is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. That is not the case here, as you will see below.Zacks ESP: Advanced Micro’s Earnings ESP is 0.00%. This is because both the Most Accurate estimate and the Zacks Consensus Estimate are pegged at a loss of 7 cents per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Zacks Rank: Advanced Micro carries a Zacks Rank #2, which when combined with a 0.00% ESP makes surprise prediction difficult.We caution against stocks with a Zacks Rank #4 and 5 (Sell rated) going into the earnings announcement, especially when the company is seeing negative estimate revisions.Stocks to ConsiderDragonWave DRWI with an Earnings ESP of +8.82% and Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.Identiv INVE with an Earnings ESP of +6.67% and a Zacks Rank #2.The Best & Worst of ZacksToday you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report DragonWave Inc (DRWI): Free Stock Analysis Report Identiv, Inc. (INVE): Free Stock Analysis Report Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report NVIDIA Corporation (NVDA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research