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Advanced Micro Devices first-quarter loss widened as demand and prices for its microprocessors slumped and heavy restructuring charges took their toll. Shares fell more than 6 percent in after-hours trading on disappointing guidance.
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CNBC.com |
AMD's [AMD
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] loss of $416 million, or 66 cents per share, wasn't as bad as Wall Street projected.
Without one-time charges, the loss would have been 62 cents per share. On that same basis, analysts polled by Thomson Reuters expected a loss of 66 cents per share. During the same period last year, AMD lost $364 million, or 60 cents per share.
Sales dropped 21 percent to $1.18 billion. That was higher than estimates of $978 million.
The Sunnyvale, California-based company forecast lower second-quarter sales, which likely disappointed investors who were expecting more optimistic guidance — along the lines of AMD's bigger rival Intel [INTC
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Last week, Intel projected that its sales would be flat, and CEO Paul Otellini said the personal computer market might have "bottomed out" after its worst stretch in six years.
AMD's results were dragged down by falling chip sales and big charges for the biggest corporate overhaul in the company's 40-year history. AMD spun off its manufacturing arm with the help of the Abu Dhabi government, a move designed to save money. It was also a concession that AMD can't keep pace with Intel in the race to build costly, cutting-edge chip factories.
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