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AMD Says Unlikely to Meet Revenue Forecast

Advanced Micro Devices, the No. 2 maker of microprocessors, said it does not expect to meet its previous first-quarter revenue forecast, sending its shares lower .

The company, which trails Intel in the market for computer chips, said revenue would fall short of its earlier quarterly target of $1.6 billion to $1.7 billion.

Wall Street analysts, on average, had expected revenue of $1.65 billion, with estimates from 27 analysts ranging from $1.53 billion to $1.86 billion, according to Reuters Estimates.

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The company had already disappointed investors when it first issued the revenue guidance on Jan. 23, and its shares fell more than 8% the day after.

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