Updated from 9:39 a.m. ESTShares of Advanced Micro Devices ( AMD) were up slightly Wednesday even though the chipmaker detailed a disappointing fourth quarter and offered lukewarm projections for the seasonally weak first quarter stemming from increased competition in the flash memory market. Shares were recently up 23 cents, or 1.5%, to $15.73. After the bell Tuesday, AMD said it posted a fourth-quarter loss of $30 million, or 8 cents a share, on sales of $1.26 billion. During the same period last year, AMD earned $43.2 million, or 12 cents a share, on sales of $1.2 billion. AMD's loss was largely driven by charges of $49 million, or 13 cents a share, caused by the conversion and retirement of debt. Following a warning from AMD on Jan. 10, analysts lowered their targets to reflect expected earnings excluding charges of 8 cents a share and sales of $1.26 billion, on average, according to Thomson First Call. For the first quarter, AMD predicted that computer chip sales would be flat to down and that flash revenue would decline. The company expects to regain profitability in the current quarter. During the fourth quarter, in its computational products group, AMD logged a double-digit percentage increase in unit shipments, with server and mobile chip sales hitting records for the company. Sales rose 26% from last year's fourth quarter. The flash memory group, however, held back results as the unit lost $39 million on sales of $504 million. Sales dropped 11% from last year's fourth quarter. Executives at the company expressed frustration with the flash memory performance and vowed a renewed effort. "The fourth quarter of 2004 was for AMD a solid quarter in microprocessors, but, frankly, a freaking dismal quarter in flash," said Chief Executive Hector Ruiz during a conference call. He cited aggressive pricing and oversupply, as well as poor execution for AMD in Japan and a delay in qualifying a new flash density.