AMD Earnings Better When Ignored
When Intel (INTC) CEO Paul Otellini said “the worst is now behind us,” he was clearly not referring to AMD. Posting earnings Tuesday afternoon, AMD (AMD) reported a loss of $330 million, or 49 cents a share, compared with a year-earlier loss of $1.2 billion, or $1.97 a share. Revenue fell 13 percent to $1.18 billion. Analysts had been expecting a loss of 47 cents per share on revenue of $1.13 billion, according to a consensus survey by Thomson Reuters.
Oh, this was AMD’s 11th quarterly loss in a row.
So nothing much to get excited about here. Or in the company’s guidance. “Considering current macroeconomic conditions, limited visibility and historical seasonal patterns, AMD expects its Product Company revenue to be up slightly for the third quarter of 2009,” AMD CEO Dirk Meyer said in a statement. “New platform, microprocessor and graphics introductions planned for the second half of 2009 position us well to improve margins and meet our financial goals for the year.”
AMD shares were down more than 11 percent to $3.60 in after-hours trading.