Advanced Micro Devices Inc. (NYSE: AMD) has posted non-GAAP earnings of -$0.66 EPS (including -$0.04 impact) on revenues of $1.177 billion, flat sequentially and down some 21% year over year. Estimates were -$0.66 EPS on $977.8 million in sales for the quarter. AMD’s first quarter gross margin was 43%, but that includes a positive impact of 5% due to a $64 million benefit from the sale of inventory that was written down.
As far as guidance, this is very vague. The company is using “current macroeconomic conditions, limited visibility and historical seasonal patterns” to say that it sees product company revenue to be down for the second quarter of 2009. We show estimates at $974.8 million, so that “lower revenue” is not any help considering its revenues were more than $1.1 billion. This is not the first vague guidance from the company nor in its industry.
Shares closed down marginally at $3.30 today and the 52-week trading range is $1.62 to $7.98. So far we see shares down almost 4% at $3.33 after the close.
JON C. OGG
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