Share of Advanced Micro Devices Inc fell 12.50 percent to $3.57 Wednesday morning as it posted second quarter yesterday evening with another loss deeper than expected.
The company reported a revenue of $1.18 billion for the second quarter, a decrease of 13 percent compared to the second quarter of 2008.
“The AMD Product Company successfully executed its product and technology roadmaps in the first half of the year, including introducing the Six-Core AMD Opteron processor months ahead of schedule. While we increased cash, exceeded our revenue plan and reduced operating expenses in the second quarter, gross margin was disappointing,” said Dirk Meyer, AMD president and CEO.
AMD reported a net loss attributable to AMD common stockholders of $330 million or $0.49 per share, which includes the net favorable impact of $86 million, or $0.13 per share compared to a consensus survey by Thomson Reuters expecting revenue of $1.13 billion reflecting loss of $0.47 cents a share.
The loss is believed to be from the sale of inventory in the fourth fiscal quarter of 2008.