NEW YORK (TheStreet) -- Shares of Advanced Micro Devices(AMD) - Get Report are falling -18.93% to $3.70 in early market trading after the company was downgraded by Canaccord Genuity Group(CF) - Get Report to "underperform" from "neutral" today, lowering its price target to $4 from $4.50.
The chip maker yesterday reported a net loss of $36 million, or 5 cents a share, in the second quarter ending in June, an improvement from the net loss of $74 million, or 10 cents a share, in the same quarter a year ago.
AMD's revenue increased 24% to $1.44 billion in the second quarter. The company said its third-quarter revenue would rise 2%, plus or minus 3%, from the June quarter.
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That would be about $1.47 billion. Analysts on average had expected revenue of $1.44 billion in the second quarter and $1.57 billion in the third quarter, according to Thomson Reuters I/B/E/S.