AMD Posts &#36;30 Million 4Q Loss on Debt
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Advanced Micro Devices Inc. posted a fourth-quarter loss Tuesday as the chip maker converted and retired debt, and faced stiff competition and low prices in its business that supplies flash memory chips for cellular phones.
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Computer Associates International Ltd. , a business software maker, on Wednesday posted a wider quarterly net loss, including charges for job cuts and a &#36;225 million payment to settle a long-running accounting probe.
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Advanced Micro Devices Inc. (AMD.N: Quote, Profile, Research) on Thursday reported a third-quarter profit compared with a loss a year-earlier, but sales fell from the second quarter
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The troubled mortgage lender posted a loss of $422 million, citing rising loss provisions and impairment charges.
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Advanced Micro Devices inched closer to profitability despite posting a huge loss as it struggled to absorb the huge cost of its acquisition of ATI Technologies.
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The latest losses at chipmaker AMD are not as bad as  expected, thanks to surging sales of laptops.
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SAN FRANCISCO - As expected, Advanced Micro Devices Inc.'s (AMD's) third-quarter revenue came in a little under the company's earlier predictions, but strong increases in sales of its 64-bit desktop and server processors led to the company's fourth straight profitable quarter.
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The chipmaker Advanced Micro Devices posted its third consecutive quarterly loss after cutting prices to compete with Intel.
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Advanced Micro Devices Inc. (AMD.N: Quote, Profile, Research) on Thursday reported a $44 million third-quarter profit from a loss a year earlier, and predicted
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A.M.D. reported a net loss of $396 million, larger than Wall Street expected, but sales were up 23 percent on strong personal-computer demand.
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Struggling chip-maker Advanced Micro Devices Inc. said Thursday its fourth-quarter net loss widened, partly due to a huge goodwill impairment charge related to its $5.6 billion acquisition of graphics chip-maker ATI Technologies Inc.
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Semiconductor maker Advanced  Micro Devices Inc. AMD.N warned on Monday that its quarterly  revenue will be lower than forecast, citing softness in sales  of its memory chips used in cell phones and other devices. The  company's shares fell after the warning.
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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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AMD has delayed general availability of some key products until early next year, when it projects the chips, along with other new processors, will return it to profitability.The biggest hit went to its quad-core microprocessor, code-named Barcelona, which it needs to compete against Intel among server vendors. The chips, along with AMD&#39;s desktop platform, Phenom, won&#39;t be generally available to customers until the first quarter of next year. The products were supposed to ship in volume by the end of this year, but&#160;a technical design error in the chips caused AMD to slow the schedule so it could apply a fix, said Dirk Meyer, the company&#39;s president and COO in a meeting with analysts on Thursday.The company&#39;s Puma platform, a set of chips aimed at laptop PCs, will also be delayed until the second quarter of next year, a costly miss considering the fact that the laptop PC market is growing at around 30 percent per year.AMD also reduced its planned spending on new production lines to $1.1 billion from a previous estimate of $1.7 billion and said all its business divisions wouldn&#39;t return to profitability until next year.The statements caused AMD&#39;s stock to fall as much as 5 percent during early trading on the New York Stock Exchange, before rebounding to down just 1.8 percent, at $8.81 in the afternoon. The market was still open as of this writing.AMD executives apologized for missteps, such as the delay in Barcelona.&quot;We blew it, we&#39;re very humbled by it, we learned from it, and we&#39;re not going to do it again,&quot; said Hector Ruiz, chairman and CEO of AMD. He said AMD would go back to its habit of under-promising and over-delivering.To start, the company will be on a path to break even financially by the second quarter of next year and return to profitability by the end of the third quarter, he said. The financial performance will be boosted by the launch of several new products in graphics, chipsets, digital TV processors, and more, not including the delayed products.The company forecast its processor shipments will rise at least 15 percent next year, while graphics processor shipment growth will be greater than 6 percent, digital TV processors more than 13 percent, and handheld chips up 8 percent.AMD&#39;s gross margin will rise to between 46 percent and 50 percent next year, up from 37 percent during the past four quarters, said Bob Rivet, chief financial officer of AMD.&quot;We&#8217;re in a massive product refresh. In 2007, we were living on some old stuff. 2008 is all new stuff, and we believe it will yield goodness,&quot; he said.
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AMD appears to be headed in the right direction with improvements in both revenue and gross margin during the fourth quarter, but that still wasn't enough to generate a profit, even excluding the effects of a hefty one-time charge.
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Computer chip maker Advanced Micro Devices Inc. (AMD.N: Quote, Profile, Research) 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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Advanced Micro Devices (AMD) expects to report slightly lower-than-expected sales for its third quarter when it announces earnings results on Thursday, the company said in a release Monday.