An apparatus and method for performing dual concurrent multiplications of packed data elements. For example one embodiment of a processor comprises: a decoder to decode a first instruction to generate a decoded instruction; a first source register to store a first plurality of packed byte data elements; a second source register to store a second plurality of packed byte data elements; execution circuitry to execute the decoded instruction, the execution circuitry comprising: multiplier circuitry to concurrently multiply each of the packed byte data elements of the first plurality with a corresponding packed byte data element of the second plurality to generate a plurality of products; adder circuitry to add specified sets of the products to generate temporary results for each set of products; zero-extension or sign-extension circuitry to zero-extend or sign-extend the temporary result for each set to generate an extended temporary result for each set; accumulation circuitry to combine each of the extended temporary results with a selected packed data value stored in a third source register to generate a plurality of final results; and a destination register to store the plurality of final results as a plurality of packed data elements in specified data element positions.