The Intel (INTC) rival said it now expects third-quarter revenue of approximately $1.27 billion, a sequential decline of around 10%. Previously, AMD had predicted a sequential decrease of 1%, plus or minus 3%. Analysts surveyed by Thomson Reuters were looking for sales of $1.38 billion.
"The lower than anticipated preliminary revenue results are primarily due to weaker than expected demand across all product lines caused by the challenging macroeconomic environment," noted AMD, in a statement released after market close.
Investors responded negatively to the numbers, pushing AMD's shares down 8.44% to $2.93 before market open on Friday.Shares of Sprint (S), which surged more than 14% during Thursday's trading, dipped 1.91% to $5.65 before market open. On Thursday, the Overland Park, Kan.-based company confirmed it's in discussions with Japan's Softbank about a possible "substantial" investment in the No. 3 U.S. telecom provider. Sprint's key partner Clearwire (CLWR), however, was an even bigger laggard, tumbling 7.21% to $2.06 on share volume of 256,815. Shares of Apple (AAPL - Get Report), which is said to be preparing the launch of its new iPad Mini, crept up 0.5% to $631.25. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org.
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