AMD Posts Narrower Quarterly Loss
SUNNYVALE, Calif. (
) --
Advanced Micro Devices
(AMD) - Get Free Report
posted a third-quarter loss of $128 million, or 18 cents a share, narrower than the same period a year earlier, as sales came in better than expected, a sign perhaps of a turnaround in the PC market.
The third-quarter loss was AMD's 12th-straight quarterly loss.
Revenue at the chipmaker, the largest competitor to
Intel
(INTC) - Get Free Report
, fell 22% to $1.4 billion. Analysts were expecting a steeper decline of 30%. The company pointed out, however, that revenue rose 18% from the latest second quarter.
AMD sells about 20% of the world's computer microprocessors. The company said shipments rose from the previous quarter on strong demand for processors used in laptops.
AMD's operating loss was $77 million in the third quarter.
AMD also said demand in China bolstered results in the quarter.
Shares of AMD fell 23 cents, or 3.7%, to $5.96 in after-hours trading. The stock ended Thursday's trading session at $6.19.
The chipmaker didn't give a specific revenue prediction for the current fourth quarter. 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%.
-- Reported by Joseph Woelfel in New York
.
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