SAN FRANCISO Advanced Micro Devices Inc. posted a net loss of $67 million, or 11 cents per share, for the third quarter, the company said Thursday (Oct. 16), an improvement from the $396 million loss that the company posted in the same period of 2007.
The third quarter marks AMD's eighth consecutive quarterly loss, dating back to the fourth quarter of 2006.
AMD posted net income from continuing operations of $1.78 billion, including process technology license revenue of $191 million. An average of consensus analyst expectations had called for AMD to post a net loss of 40 cents per share on revenue of $1.48 billion.
Revenue minus process technology license revenue was roughly $1.58 billion, AMD said. AMD said it expects fourth quarter revenue from continuing operations to be roughly flat to that number, which was within the range of consensus analyst estimates.
Third quarter revenue from continuing operations increased 32 percent sequentially and 14 compared to the second quarter of 2008 and 14 percent year-to-year, the company said.
AMD reported a net loss of $1.19 billion, or $1.96 per share, for the prior sequential quarter. The company recently announced a plan to spin off its manufacturing operations into a new foundry company.
"AMD will be assured access to leading-edge manufacturing processes without the obligation to make the capital investment required to maintain a world-class manufacturing operation," said Dirk Meyer, AMD's president and CEO, in a statement. "We look forward to the successful closing of this joint venture early in 2009."
For continuing operations, third quarter income was $41 million, or 7 cents per share, including the process technology license revenue of $191 million, or 31 cents a share, AMD said.
Third quarter operating income was $131 million, and loss from discontinued operations was $108 million, or 18 cents a share, AMD said.