Advanced Micro Devices Inc. (NYSE: AMD) is getting drilled on earnings. The easy comparison is that the Intel Corp. (NASDAQ: INTC) strength is coming at the expense of AMD. The distant number-2 processor makers and the graphics chipset leader has posted a loss of -$0.49 EPS including a -$0.13 impact from an inventory sale writedown. Revenues were flat sequentially and down 13% year=over-year to $1.184 billion. Thomson Reuters estimates were -$0.47 EPS and $1.13 billion in revenues.
The loss attributable to shareholders was $330 million. The company said that gross margin was 37% including a positive impact of 8% from a $98 million benefit from the sale of inventory written down in Q4.
The company’s guidance is very loose: “Considering current macroeconomic conditions, limited visibility and historical seasonal patterns, AMD expects its Product Company revenue to be up slightly for the third quarter of 2009.” Dirk Meyer, president and CEO, said, “New platform, microprocessor and graphics introductions planned for the second half of 2009 position us well to improve margins and meet our financial goals for the year.”
AMD ended the quarter with $2.514 billion in cash and equivalents. There is just very little excitement here.
Shares closed down 2.15% at $4.08 in regular trading and the 52-week trading range is $1,62 to $2.47. The after-hours reaction feels more harsh than the news but maybe not when you consider the stock is up about 20% since the early-July lows. So far, trading is down 12% at $3.58.
JON C. OGG
JULY 21, 2009
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