Advanced Micro Devices Slides After Posting Wider Quarterly Loss

By Sue ChangMarketsMarketWatch Pulse

Shares of Advanced Micro Devices Inc. sank in Thursday's extended session after the chip maker reported its quarterly loss widened from the previous year. AMD said its third-quarter loss deepened to $406 million, or 50 cents a share, from a loss of $197 million, or 25 cents a share, a year ago. On an adjusted basis, the company would have earned 3 cents a share. Revenue grew to $1.31 billion versus $1.06 billion in the same period last year. Analysts had forecast AMD to break even on a per-share basis on revenue of $1.21 billion, according to FactSet. In the fourth quarter, AMD expects its revenue to shrink 18%, plus or minus 3%, sequentially. The current Wall Street outlook on AMD's fourth-quarter revenue is $1.06 billion. Shares fell 1.6% after hours, paring earlier slide.

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