AMD has made substantial progress to get back in to the black. The company reported a net loss of $67 million on revenue of $1.78 billion for Q3 2008.

The company reported a loss of $1.2 billion for Q2 and $396 million in Q1 of this year. The third quarter result was lifted by $191 million in sales from what the company described as “process technology license revenue” as well as a reduced headcount, which dropped by almost 200 during the quarter and now stands at 15,460.

The company said that its operating profit was $131 million during the quarter.

In terms of product sales, the former ATI group had its best quarter under AMD’s roof yet - $385 million in graphics sales and an operating profit of $47 million. AMD’s CPU business brought in $1.39 billion, about 26% up over Q2, and an operating income of $143 million.