AMD Reports Narrower-Than-Expected Loss
Advanced Micro Devices posted a narrower-than-expected loss on Thursday after the close of trading but reported revenue above Wall Street's expectations.
AMD reported a third-quarter loss of 71 cents a share, compared with year-ago earnings of 27 cents a share. Excluding acquisition charges, AMD said it posted a loss of 49 cents a share.
The second-largest maker of computer microprocessors said third-quarter sales rose 23 percent from the year-ago period to $1.63 billion.
Analysts expected the Sunnyvale, Calif.-based company to report a third-quarter loss of 62 cents a share on revenue of $1.52 billion, according to Thomson Financial.
"We are encouraged by the progress we made in our third quarter financial results," said CFO Robert Rivet, in a prepared statement. "We delivered a strong revenue increase, gained 8 percentage points of gross margin and reduced our operating loss by more than half."
The results came after rival Intel posted a 43 percent rise in quarterly income due to strong sales of processors for laptops and market share gains versus AMD. Intel had also given a fourth-quarter outlook that was above Wall Street expectations.