Updated from March 1
Advanced Micro Devices
made up some lost ground Wednesday after the company said an omission in a regulatory filing had mistakenly made it appear the company was guiding lower for first-quarter sales of its computer chips.
The company's stock was recently down 2 cents to $17.94 after trading as low as $17.45 at the market's open.
Late Tuesday, a filing with the
Securities and Exchange Commission
said first-quarter computer-chip sales would decline "slightly" from the previous quarter, compared with an earlier target for flat to down sales given on Jan. 19.
AMD said in an 8-K filing Wednesday that it had inadvertently omitted the complete phrase "flat to down slightly" from Tuesday's filing -- and, in essence, was reaffirming its earlier guidance.
The company also expects memory product sales to decline, similar to what AMD said on Jan. 19. Memory chips and computer chips each make up roughly half of AMD's total sales base.
AMD had been targeting a return to profitability, however, and no mention was made of that in Tuesday's filing. AMD did reiterate that it expects to spend $1.5 billion on capital projects and $1.2 billion for amortization and depreciation in 2005.
Analysts had predicted earnings of 3 cents a share and sales of $1.21 billion, on average, according to Thomson Financial.
In its latest fourth quarter, AMD lost $30 million, or 8 cents a share, on sales of $1.26 billion. Its computational products group logged sales of $730 million and the memory products group booked sales of $504 million.