Advanced Micro Devices reports 1st-quarter loss, misses expectations, shares dip in late trade

StocksAssociated Press

Advanced Micro Devices Inc. on Thursday reported a loss of $180 million in its first quarter.

The Sunnyvale, California-based company said it had a loss of 23 cents per share. Losses, adjusted for restructuring costs and stock option expense, came to 9 cents per share.

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The results missed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.

The chipmaker posted revenue of $1.03 billion in the period, which also missed Street forecasts. Ten analysts surveyed by Zacks expected $1.05 billion.

A year ago the company lost $20 million, or 3 cents per share, on revenue of $1.4 billion.

Looking ahead, AMD said it expects revenue in the current quarter to be flat to down by up to 6 percent sequentially. Analysts surveyed by FactSet expect $1.13 billion, which would represent growth of 10 percent from the quarter ended in March.

Shares of the company slid 10 percent, or 30 cents, to $2.57 in extended trading. A year ago, they were trading at $3.76.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMD at http://www.zacks.com/ap/AMD

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Keywords: Advanced Micro Devices, Earnings Report