Updated with recent stock quotes.
SUNNYVALE, Calif. (
Advanced Micro Devices
, the number two PC chipmaker to
, reported a smaller loss in the third-quarter on declining revenues. The Sunnyvale, Calif-based concern showed sequential improvement and topped average estimates as demand from the PC market ticked up during the period.
Regardless, shares in the company were down precipitously after the opening bell Friday, changing hands at $5.75, a drop of over 7% from its Thursday closing price.
The third-quarter loss was AMD's 12th-straight quarterly loss.
After the closing bell on Thursday, AMD reported over a 20% decline in sales compared to the year-ago period, landing at $1.4 billion. Still, the company said sales increased 18% versus the second quarter, while forecasts showed many expecting AMD to report $1.26 billion in sales.
AMD also said demand in China bolstered results in the quarter.
AMD's bottom-line loss narrowed to 18 cents per share compared to a 22-cent per share loss in the year-earlier quarter.
The third-quarter earnings showing, which was also aided by a $66 million gain from a debt repurchase, bettered the 42-cent loss forecast offered by analysts surveyed by Thomson Reuters.
The chipmaker didn't give a specific revenue prediction for the current fourth quarter, noting only that it expects sales to move "up modestly." During a conference call, CEO Dirk Meyer said total product sales normally increase about 9% percent from the third to the fourth quarter. This year, executives on the call said they expect sales to rise about 5% to 7%.
The rest of the tech sector was also losing ground on Friday morning, as Intel,
were bidding lower, down 2.3%, 4.6% and 0.9%, respectively.
-- Written by Joseph Woelfel and Sung Moss in New York
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