Shares of Advanced Micro Devices (AMD) - Get Report were sliding into the close ahead of the quarterly earnings report on a Thursday blackened by Microsoft's (MSFT) - Get Report news of a profit miss and layoffs.

AMD, which recently sold its

handheld assets

to

Qualcomm

(QCOM) - Get Report

for $65 million, has like

many tech firms

recently announced

massive job cuts

and has been

wrestling

with

weakening demand

from consumers and enterprises.

AMD is expected to post a loss of 54 cents a share on revenue of $1.23 billion, according to Thomson Reuters. For the year-ago period, the chipmaker reported a loss of 17 cents a share on revenue of $1.77 billion.

AMD shares were down 11.1% to $2 in recent trading.

This article was written by a staff member of TheStreet.com.