SAN FRANCISCOAdvanced Micro Devices Inc. beat consensus analyst expectations for the second quarter, posting a GAAP net loss of $330 million on revenue of $1.18 billion, the company said Tuesday (July 21).
AMD's revenue was roughly flat with first quarter revenue, but down 13 percent compared to the second quarter of 2008, the company said.
The GAAP net loss, which equates to 49 cents per share, was narrowed compared to a net loss of $416 million in the first quarter and a GAAP net loss of $1.2 billion in the second quarter of 2008, AMD (Sunnyvale, Calif.) said. The second quarter net loss included the favorable impact of $86 million, or 13 cents per share, primarily from the sale of inventory written-down in the fourth fiscal quarter of 2008, the company said.
Consensus analyst expectations for AMD's second quarter, according to Yahoo Finance, were looking for revenue of $1.13 billion.
Some analysts were predicting that AMD would beat Wall Street expectations for the second quarter in the wake of archrival Intel Corp.'s better-than-expected second quarter financials, announced last week.
AMD's second quarter gross margin was 37 percent, including a positive impact of 8 percentage points due to a $98 million benefit from the sale of inventory written down in the fourth quarter of 2008, AMD said.
First quarter AMD gross margin was 43 percent, including a positive impact of 5 percentage points due to a $64 million benefit from the sale of inventory written down in the fourth quarter of 2008, the company said.
AMD said it expects product revenue to be up slightly in the third quarter, based on current macroeconomic conditions, limited visibility and historical seasonal patterns.