AMD's mixed bag of financial results
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Blog: Bad: AMD lost $600 million in the second quarter. Good: Chip shipments surged.
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The telecom's results can't quite connect with Wall Street's expectations.
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Montalvo Systems has a multi-core chip, but not all of the cores are the same. That in part explains why investors have put money into it.
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Microsoft reported strong sales but its financial results were muddled by the late arrival of important new products.
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For 35 years, Advanced Micro Devices Inc. (AMD ) stood in the shadow of archrival Intel Corp. (INTC ) AMD churned out lower-priced clones of the tech leader&#39;s chips and occasionally enjoyed a hit that helped boost its meager profits.
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Computer chip maker Advanced  Micro Devices Inc. AMD.N on Thursday posted a third-quarter  profit compared with a loss a year earlier and predicted a  fourth-quarter pickup in sales.
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With Christmas just 11 days away, you have to wonder what Hector Ruiz is going to find under his tree. It&#8217;s been a terrible year for Advanced Micro Devices, and the chipmaker&#8217;s analysts conference on Thursday did nothing to spread holiday cheer.Confirming what many in the chip world had suspected for some time, CEO Ruiz and other AMD execs fessed up that bugs in its new quad-core Barcelona server and Phenom desktop chips will&#160;delay these key next-generation technologies.The technical problems will delay general availability of the fastest version of the chips for three or four months. Customers willing to settle for slower clock speeds will be able to get the processors sooner; for example, AMD will ship a 2 gigahertz version of the Barcelona first, instead of the expected 2.5 gigahertz speed. In either case, the chips will be close to a year late; the original target date was the first quarter of 2007.AMD STUMBLES AS INTEL SPEEDS AHEADThe problem couldn&#8217;t come at a worse time. AMD has struggled all year to close the performance gap between its high-end chips and Intel&#8217;s. Barcelona, the company had promised, would restore its technical supremacy. Indeed some analysts said they had expected the quad-core server chip to do just that. &#8220;At 2.5 gigahertz it would have beaten any Intel products,&#8221; said analyst Nathan Brookwood of Insight64. &#8220;But at 2 gigahertz, it&#8217;s bringing up the rear,&#8221; he said.Intel, meanwhile, has corrected many of the problems that dogged it earlier in the decade. &#8220;AMD isn&#8217;t competing against the Intel of two years ago,&#8221; said Dean McCarron of Mercury Research. Intel has had quad-core chips in the market for about a year. To be fair, its chips are based on a somewhat simpler design; Intel gets to four cores by packaging two dual-core chips together. By contrast, AMD&#8217;s design integrates four cores on one chip, a more efficient solution, said McCarron. Except that AMD&#8217;s approach reduces yields and thus raises manufacturing costs, he added.There was earlier speculation that Barcelona&#8217;s problems were related to the ATI graphics chipset, but the problem turns out to be deeper, at the chip level. AMD has said it is related to the translation lookaside buffer (TLB) in the processor&#39;s L3 cache.DOUBTS ABOUT A QUICK FIXIn the Thursday conference, analysts had expected discussion of the company&#8217;s &#8220;asset light strategy,&#8221; which will apparently entail outsourcing more manufacturing to foundries such as Chartered Semiconductor or TSMC. But they didn&#8217;t get it, and the lack of details made CEO Ruiz&#8217;s promise to return to profitability in 2008 less credible to Wall Street. AMD&#8217;s financial performance has been terrible, losing money for four straight quarters. Part of the reason: Intel and AMD have engaged in a bloody price war, a struggle that has been very tough on the smaller company&#8217;s profit margins. But the Barcelona and Phenom delays are serious self-inflicted wounds.AMD&#8217;s stock lost another few points yesterday and has now shed about 40% in the last two months and a bone-jarring 56% since the beginning of the year. At $8.84 a share, Thursday&#8217;s closing price, the stock is at its lowest ebb since the summer of 2003. Ironically, AMD has so far&#160;rewarded Ruiz with pay raises.
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NEW YORK, October 5  - Advanced Micro Devices (AMD.NYS) has projected its 3Q04 sales below expectations, with a sequential decline from the previous quarter.
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Amid further delays of AMD's quad-core server chip and plans to write off goodwill from the acquisition of ATI, AMD executives are going to face tough questions when they meet financial analysts in New York Thursday.
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Worldwide&#160;lawsuits against Intel&#160;and&#160;four straight quarterly losses&#160;have distracted AMD during its integration of ATI Technologies, but the merger remains on track, according to industry analysts.
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By JORDAN ROBERTSON  SAN FRANCISCO - Advanced Micro Devices Inc. warned Monday that it was unlikely to meet its first-quarter revenue guidance of $1.6 billion to $1.7 billion, the latest in a series of disappointments for investors in the struggling chip-maker.
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AMD Chairman and CEO Hector Ruiz acknowledged Thursday that 2007 was a bad year for his company, but that didn&#39;t stop AMD&#39;s board of directors from raising his salary anyway.&quot;We blew it and we&#39;re very humbled by it and we learned from it and we&#39;re not going to do it again,&quot; Ruiz told financial analysts in New York Thursday.AMD has struggled this year, largely due to technical problems that repeatedly&#160;delayed the widespread availability of its Quad-Core Opteron chip, known as Barcelona. As a result, the company saw its financial losses mount -- $1.6 billion during the first nine months of this year -- while incurring $3.7 billion dollars in long-term debt to help keep the company&#39;s operations running.The announcement Wednesday that&#160;AMD plans to take an as-yet unspecified charge for impaired goodwill from its $5.4 billion acquisition of ATI -- recognition that the graphics-chip vendor is worth less than AMD paid for it last year -- only added to the company&#39;s financial woes and dimmed investor enthusiasm for its stock. On Dec. 13, AMD&#39;s share price closed at $8.84, down 56.2 percent from one year ago.However, those issues will not affect Ruiz&#39;s base salary, which has been increased, according to a filing with the U.S. Securities and Exchange Commission released Thursday, the same day that Ruiz apologized for the company&#39;s dismal performance.That filing, which contained a copy of Ruiz&#39;s amended employment agreement , shows AMD raised his annual base salary by 7.4 percent to $1,124,000. The amended agreement was dated Dec. 7.In 2006, Ruiz received a base salary of $1,046,358, while stock awards and other forms of compensation raised his total compensation for the year to $12,848,435.Ruiz&#39;s 2006 compensation was significantly higher than Intel CEO and President Paul Otellini, who took home a salary of $700,000 in 2006. Other awards raised Otellini&#39;s total compensation in 2006 to $9,806,400.
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In a rough year for semi stocks, Advanced Micro Devices has thrived. Is there more room to run? NEW YORK (CNN/Money) - Tech stocks have had a nice year-end rally but that hasn&#39;t been enough to pull the chip sector out of the red.
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InfoWorld - Earnings reports from IBM, Intel, and AMD and acquisition news from Oracle and Sun did nothing to calm IT investor fears about an uncertain U.S. economy this week.
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The computer maker's earnings hit estimates but investors hoped for more.
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Advanced Micro Devices reported a larger-than-expected loss but showed progress in curbing its expenses and capturing a share of strong demand for personal computers.
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Still expects profits in Q3 '08 AMD says its chugging ever-closer to profitability. Perhaps it's right. The chip fabbing second-banana's losses shrunk in the fourth quarter of '07 â well, sort of.â¦