AMD posts bigger-than-expected quarterly loss
A new lineup of chips from rival Intel has stalled AMD's momentum and eaten into its sales, average prices and gross margins.
AMD said its net loss for the fiscal first quarter was $611 million, or $1.11 per share, compared to a profit of $184.5 million, or 38 cents per share, a year earlier. Revenue fell 7.4 percent to $1.23 billion.
The results were in-line with Wall Street estimates that were revised downward last week after AMD warned quarterly revenue would be about 20 percent below earlier forecasts.
Excluding special items, AMD was expected to have lost $258.1 million, or 47 cents per share, on revenue of $1.23 billion, according to the average analyst forecast on Reuters Estimates.
A new lineup of chips from AMD's larger rival Intel has stalled AMD's momentum and eaten into its sales, average prices and gross margins. AMD's shares have fallen 55 percent over the past year, compared to a rise in Intel of 11 percent.