Advanced Micro posts 6th straight loss
From the Associated Press
Advanced Micro Devices Inc.’s first-quarter loss matched Wall Street’s lowered expectations, with the slumping chip maker hurt by its inability to unload older products and economic turbulence that tamped down consumer spending.
The Sunnyvale, Calif.-based company said Thursday that it lost $358 million, or 59 cents a share, during the first three months of the year for its sixth quarterly loss in a row. AMD lost $611 million, or $1.11, in the same period last year. Sales of $1.51 billion were 22% higher than last year and in line with analysts’ subdued expectations.
Stripping out 8 cents a share in one-time charges connected to AMD’s acquisition of graphics chip maker ATI Technologies, the company lost 51 cents a share, matching estimates.
