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REFILE-UPDATE 1-Chipmaker AMD posts second-quarter loss, stock dives
July 17, 2014 / 8:51 PM / in 3 years

REFILE-UPDATE 1-Chipmaker AMD posts second-quarter loss, stock dives

(Corrects keyword slug to AMD-RESULTS/ instead of ADM-RESULTS/)

By Noel Randewich

SAN FRANCISCO, July 17 (Reuters) - Advanced Micro Devices Inc posted a net loss for the second quarter and gave a revenue forecast for the current quarter that missed expectations, sending its shares sharply lower.

AMD’s stock fell 15 percent in extended trade on Thursday after the company said it had a net loss of $36 million, or 5 cents a share, in the June quarter, compared with a loss of $74 million, or 10 cents a share, a year earlier.

Excluding items, AMD earned 2 cents per share, compared with 3 cents expected by analysts.

A strong quarterly report this week from Intel Corp underscored expectations on Wall Street that the worst is over for a personal computer industry hammered by the mobile revolution. But in addition to slow PC sales, AMD has struggled recently to stem market-share losses to Intel.

AMD’s revenue rose 24 percent to $1.44 billion in the second quarter. The company said its third-quarter revenue would rise 2 percent, plus or minus 3 percent, from the June quarter. That would be about $1.47 billion.

Analysts on average had expected revenue of $1.44 billion in the second quarter and $1.57 billion in the third quarter, according to Thomson Reuters I/B/E/S.

Shares of AMD were down 15.3 percent at $3.87 in extended trade after closing down 1.93 percent at $4.57. (Editing by Matthew Lewis)

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