AMD Q1 Results Miss Estimates

(RTTNews) - Advanced Micro Devices, Inc. (AMD) reported a net loss for the first quarter of $180 million or $0.23 per share, compared to a net loss of $20 million or $0.03 per share for the year-ago quarter.

Excluding items, adjusted net loss for the first quarter was $73 million or $0.09 per share, compared to adjusted earnings of $35 million or $0.05 per share in the prior year quarter.

Revenue for the first quarter fell 26% to $1.03 billion from $1.40 billion a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share on revenue of $1.05 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward, AMD expects second quarter revenue to decrease 3%, plus or minus 3%, sequentially.