Advanced Micro Devices Inc. (NYSE: AMD) has posted earnings, or at least it has posted a lack of earnings via wide losses. The distantly second number 2 PC processor company posted earnings of -$0.60 EPS (-$0.44 after a favorable impact on earnings) on $1.349 Billion in revenues.
First Call had estimates pegged at -$0.52 EPS and $1.45 Billion in revenues.
Its net loss after items was -$1.96, and the company said gross margins were 52%.
CFO Robert J. Rivet said, "In the face of challenging macroeconomicconditions, we remain committed to achieving operating profitability inthe second half of the year based on the continued ramp of newproducts, increased market penetration of our differentiated solutions,and continued actions designed to reduce our break-even point."
As far as guidance, well it is a little vague. In the seasonally upthird quarter, AMD expects revenue to increase in line withseasonality. Thanks for nothing.
Shares of AMD closed up more than 4% at $5.30 in regular trading andits 52-week trading range is $4.53 to $16.19. Shares were halted forthe news, and have just re-opened with shares down about 6% at $4.95 infairly light after-hours trading volume.
If the company wants that stock price higher it should really consider throwing Hector Ruiz out of the front door.
Jon C. Ogg
July 17, 2008
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