AMD Posts $590 Million Loss
Advanced Micro Devices Inc. swung to a first-quarter loss as the chip maker continued to bear costs related to its spun-off foundry business, though its core earnings improved.
The company has weathered a series of problems lately, particularly chip shortages stemming from manufacturing problems at Globalfoundries, the company formed by the spinoff of AMD’s manufacturing operations. AMD last month restructured its relationship with Globalfoundries, triggering a $703 million charge for AMD but giving it more freedom to make some of its products elsewhere. AMD also agreed to give up its remaining 8.8 percent stake in the manufacturer.