Key Developments: Advanced Micro Devices Inc (AMD)
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18 Jun 2013
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Latest Key Developments (Source: Significant Developments)
Advanced Micro Devices Inc Comments On Q2 2013 Revenue Guidance
Advanced Micro Devices Inc announced that for the second quarter of 2013, revenue to increase 2%, plus or minus 3%, sequentially. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.07 billion for the second quarter of 2013. Full Article
Advanced Micro Devices Inc Executes Purchase Agreement to Sell and Lease-Back Austin Campus
Advanced Micro Devices Inc announced that it has entered into an agreement to sell and lease-back its Lone Star Campus located at 7171 Southwest Parkway in Austin, Texas to 7171 Southwest Parkway Holdings, LP, an affiliate entity of real estate investment company Spear Street Capital. Upon closing, net of all fees, the sale is expected to generate approximately $164 million in cash. At closing, AMD will enter into a 12-year lease with an extension option to continue its operations on the campus. The transaction is expected to close on or about March 26, 2013. Full Article
Tessera Technologies Inc's Subsidiary And Advanced Micro Devices, Inc. Settle Pending Litigation
Tessera Technologies Inc announced that its Tessera, Inc. subsidiary has entered into an agreement settling all pending litigation with Advanced Micro Devices, Inc. (AMD). The specific financial terms of the agreement are confidential. Tessera, Inc. and AMD agreed to dismiss claims and counterclaims between the two parties relating to Tessera, Inc.'s patent infringement claims pending in the United States District Court, Northern District of California. Full Article
Advanced Micro Devices Inc Issues Q1 2013 Revenue Guidance Below Analysts' Estimates
Advanced Micro Devices Inc announced that for the first quarter of 2013, it expects revenue to decrease 9%, plus or minus 3%, sequentially. The Company reported revenue of $1.16 billion in the fourth quarter of 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.11 billion for the first quarter of 2013. Full Article
Advanced Micro Devices Inc Names Devinder Kumar Chief Financial Officer
Advanced Micro Devices Inc announced that it has appointed Devinder Kumar as senior vice president and chief financial officer, effective Jan. 2, 2013. Kumar, 57, will report to Rory Read, AMD president and chief executive officer, and will have responsibility for leading the company's global finance organization. Kumar has been interim CFO since September 2012. He served as corporate controller of the company since 2001 and as senior vice president since 2006. Full Article
Advanced Micro Devices Inc Selling Texas Campus To Raise Cash-Business Standard
Business Standard reported that Advanced Micro Devices Inc is putting up for sale its Austin, Texas campus to raise cash. AMD said it will sell and lease back its 58-acre Austin, Texas campus for $150 million to $200 million. It hopes to close the deal in the second quarter of 2013. Full Article
Advanced Micro Devices Inc Announces Collaboration With Microsoft Corp
Advanced Micro Devices Inc announced its collaboration with Microsoft Corp. for more than 125 Windows 8-based PC designs from OEMs including ASUS, Dell, Fujitsu, HP, Lenovo, Samsung, Sony, Toshiba and more. With a hardware accelerated user interface, Microsoft and AMD have collaborated to design Windows 8 to unlock the high performance graphics capabilities found in AMD accelerated processing units (APUs) and discrete AMD Radeo graphics processing units (GPUs) to deliver the HD video, gaming and app experience consumers want with the always on, always connected, touch-driven interface with great battery life they need. Full Article
Fitch Revises Advanced Micro Devices Inc's Outlook To Negative-Reuters
Reuters reported that on the ratings for Advanced Micro Devices Inc.'s Fitch has affirmed long-term IDR at 'B' and Downgraded senior unsecured debt to 'B/RR4' from 'B+/RR3'. The Rating Outlook is revised to Negative from Stable. Fitch's actions affect approximately $2.0 billion of total debt. The Negative Rating Outlook reflects Fitch's belief that AMD's operating results will remain pressured through at least the near-term driven by a combination of cyclical and secular headwinds. As a result, Fitch expects profitability to plummet and negative free cash flow (FCF), which may materially weaken liquidity. Full Article
Advanced Micro Devices Inc's APU Powers Fujitsu STYLISTIC Q572 Tablet
Advanced Micro Devices Inc announced that its AMD Z-60 accelerated processing unit (APU) powers the new Fujitsu STYLISTIC Q572 10.1" tablet, providing performance to professionals on the move. The combination of processor and system design provides users with portability, Windows® compatibility and security in one tablet device. With impressive performance at low power, the AMD Z-60 APU supports Fujitsu features like an integrated Smart Card reader and removable battery. Supporting a rich Windows 8 or Windows 7 experience with its AMD Radeon graphics, the AMD Z-60 APU enables the ability to run the full suite of legacy PC applications while supporting the visually demanding programs. A suite of enterprise-friendly features such as the trusted platform module (TPM) and hardware-based disk encryption are also supported by the AMD Z-60 APU. The STYLISTIC Q572's lightweight (approximately 1.6-pounds) design and impressive feature-set make it an ideal match for the mobile workforce. Full Article
Advanced Micro Devices Inc Announces Layoffs As PC Sales Stumble-Reuters
Reuters reported that Advanced Micro Devices Inc will cut its workforce by 15% in a bid to reduce operating expenses, its second round of layoffs in less than a year as it struggles with a weak global economy and a consumer shift toward tablets. The chipmaker, with a staff of nearly 12,000, said in a statement it expects its restructuring actions, which will also include site consolidations, to result in operational savings of $190 million next year. It expects to record a restructuring expense in the fourth quarter of about $80 million. Full Article
US STOCKS-Futures jump after weekly loss, Fed eyed
NEW YORK, June 17 - U.S. stock index futures rose on Monday after major equity indexes on Friday closed their third negative week in four, with traders focused on this week's Federal Reserve policy meeting.
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