As expected, Advanced Micro Devices (AMD) on Thursday reported revenue and earnings for its fiscal second quarter that were down sharply from a year ago, due to weak sales of flash memory products and competitive pricing pressure in the market for PC chips.
For the three months ended July 1, AMD reported revenue of $US985.3 million and net income of $17.4 million, down from revenue $1.2 billion and net income of $207.1 million a year ago, the company said in a statement.
Earnings per share came in at $0.05, at the high end of the company's revised forecast issued last week. The figure marks a sharp drop from a year ago, when the chip maker enjoyed a profit of $0.61 per share.
AMD preannounced its results last week, saying revenue and earnings would come in lower than expected. Before the warning, analysts had expected AMD to report income of $0.27 per share, according to a consensus estimate gathered by Thomson Financial/First Call. In the week since AMD's warning, analysts lowered their estimate to $0.04 per share, in line with AMD's guidance.
Ahead of the news, AMD's shares on the New York Stock Exchange ended the regular trading day up 7.5 per cent, at $22.70.