AMD Stock Falls 8% As Sales Disappoint

Shares of Advanced Micro Devices fell more than 8% after-hours Thursday, after the company reported weaker-than-expected first-quarter earnings and sales and predicted further revenue declines in the current quarter. The company, which has been facing increased competition from Nvidia Corp. , reported a net loss of $180 million, or 23 cents a share, compared with a year-earlier loss of $20 million, or 3 cents. Excluding one-time items, AMD posted a loss per share of 9 cents, below the 6-cent loss analysts in a FactSet poll had anticipated. The chipmaker reported a 23% year-over-year decline in revenue to $1.03 billion, missing the consensus estimate of $1.05 billion, and AMD said it expects sales to fall another 3% sequentially in the current quarter. Its stock fell 7% in extended trade, after closing up 6.3% to $2.87 in Thursday's session.