AMD shares fall on income warning
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Computer chipmaker Advanced Micro Devices says competition in the market for flash memory will hit profits.
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Advanced Micro Devices' move to cut overhead costs by outsourcing its chip manufacturing business may backfire in the long run, according to several analysts who have downgraded the company's stock.
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U.S. stocks declined on Tuesday, weighed down by losses in the technology sector after microchip maker National Semiconductor Corp.  cut its quarterly revenue forecast.
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Earnings warning? What earnings warning?
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(InfoWorld) - Advanced Micro Devices (AMD) will miss its revenue goal for the first quarter of 2007 because the chip maker grew so fast that it couldn't keep up with demand from its customers, company CEO Hector Ruiz said Monday. The company is unlikely to meet its estimated revenue target of $1.6 billion to $1.7 billion for the quarter, the company said. For the same period last year, AMD brought in $1.33 billion, or $780 million excluding revenue from its Spansion memory products unit, which AMD spun off in an IPO (initial public offering) in December 2005. Although the company has gained market share for 10 consecutive quarters -- principally from rival Intel -- that trend is both good news and bad news, Ruiz told an audience of financial investors at the Morgan Stanley Technology Conference in San Francisco. "We went from being a player whose majority of sales were in the distribution channel as opposed to OEMs, to one that has changed in a very short time to having a majority of sales going to OEM buyers," he said in a reference to original equipment manufacturers. That transition happened probably faster than we had planned. A larger number of OEMs wanted our products faster than we were prepared to meet, so we were not able to feed the channel." Despite AMD's success in gaining market share, even Ruiz admitted that it may be too late to retain some disgruntled customers. "A channel partner needs a commitment for a 30- to 60-day supply of products. I couldn't give it to them, so they decided to get it somewhere else. We let down our channel partners by not being able to support them as much as they needed us. We need to get our distribution business back on track." Ruiz was contrite about the "glitch," but promised the company would quickly spring back by increasing production, particularly of its "Barcelona" quad-core Opteron chip due out in the second half of 2007. The chip will compete against Intel's "Clovertown" quad-core Xeon chip, which launched at the end of 2006. AMD has been aggressive in boosting its market share in the processor industry to nearly 25 percent and by acquiring graphics chip maker ATI in 2006. But investors have begun to grow wary since the company has not yet been able to turn those moves into profits. AMD posted a loss of $574 million in its fourth quarter, ended Dec. 31, 2006.
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CEO faces Wall Street AMD today smacked investors with a sales warning.â¦
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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.The tech-heavy Nasdaq Composite Index has gotten off to its slowest start in years. Even though the Nasdaq finished 2007 up by 9.8 percent for the year, it has been sliding steadily in the past few weeks.More analysts are starting to forecast a recession. U.S. Federal Reserve Board Chairman Ben Bernanke, testifying Thursday before the House Budget Committee, warned that the risks of an economic downturn are growing. Though he said an economic stimulus package, including low interest rates, could help avoid recession, IT investors are clearly worried. After President George Bush endorsed some of Bernanke&#39;s comments about stimulus, a Friday morning market rally fizzled out by the end of the day.IBM, which issued a preliminary earnings report Monday and its full results Thursday, had good news for its investors.&#160;IBM said that it would post $28.9 billion in revenue for the 2007 quarter, a 10 percent jump from the same period one year earlier. Fourth-quarter earnings are $2.80 per share, up 24 percent and above analyst expectations. But the company said results were helped mainly by strong sales in Asia, Europe, and emerging markets -- not the U.S.IBM shares rose $5.26 to close at $102.93 Monday when it issued its preliminary report and sparked a temporary jump in tech stocks overall. But ultimately most technology companies did not fare well on the market this week.AMD on Thursday reported a loss for the fourth quarter&#160;due mostly to charges connected to its acquisition of graphics chip maker ATI. AMD had a net loss of $1.8 billion and revenue of only $1.8 billion. Because the loss was smaller than expected, the beleaguered chip maker was rewarded in a down market Friday, when its shares rose by $0.70 to close at $7.04Meanwhile,&#160;Intel Tuesday announced a revenue increase for the fourth quarter that fell short of analysts&#39; estimates, in part due to weak prices for memory chips. The company said revenue was $10.7 billion, up 10.5 percent, but missed the $10.8 billion estimated by analysts polled by Thomson Financial. Intel shares lost $2.81 Wednesday to close at $19.88, further declining during the rest of the week.The Intel first-quarter revenue outlook is particularly disappointing, according to CitiGroup Capital Markets analyst Glen Yeung. Yeung expects a downward revision of the 2008 revenue outlook because while Intel is benefiting from market share gains against AMD, the U.S. economy is having a worse impact than expected.Acquisitions did provide some excitement this week.&#160;Oracle Wednesday announced a deal to buy BEA Systems for about $8.5 billion. Oracle shares gained $0.61 to close at $21.92 Wednesday on the news, flattening out over the rest of the week in the down market. The deal makes Oracle the biggest player in middleware, ahead of even IBM, pointed out JMP securities analyst Patrick Walravens in a research note.Sun&#39;s $1 billion acquisition of MySQL, also announced Wednesday, was looked on favorably by traders as well. Sun is buying an open-source database used by some of the most widely trafficked Web sites in the world, such as Facebook and Google. Sun also said that next week it expects to report net income of $89 million for the quarter ending Dec. 31, compared to a loss of $56 million for the same period in 2006. Sun shares gained $0.55 Wednesday to close at $15.53, and rose slightly over the rest of the week even as most other stocks declined.
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Slashed earnings estimate pulls down shares.
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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. The company's stock fell to a new 52-week low on the news.
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Advanced Micro Devices Inc.  , the No. 2 maker of microprocessors for personal  computers, posted a higher quarterly profit on Thursday but its  stock fell 5 percent amid fears of a worsening price war with  bigger rival Intel Corp.
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Wall Street was set for a soft start on Tuesday after a batch of downbeat earnings, including a sales warning from chipmaker Advanced Micro Devices  ahead of an update from sector bellwether Intel .
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U.S. stocks were headed for a lower  open on Tuesday, dragged down by a batch of disappointing  earnings news, including a sales warning from chip maker  Advanced Micro Devices Inc. AMD.N
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Advanced Micro Devices Inc. (AMD) saw its short streak of quarterly profits come to an end, as sales growth slowed in the fourth quarter due to competitive pricing for its flash memory products, the company said Tuesday.
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SAN FRANCISCO - Advanced Micro Devices Inc. reported a third-quarter profit from a loss a year-earlier on today, but sales fell from the second quarter in line with the chip maker&#39;s recently reduced outlook.
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SEMICONDUCTOR maker Advanced Micro Devices has warned its quarterly revenue will be lower than forecast, citing softness in sales of its memory chips used in cell phones and other devices.
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Stocks fell on Wednesday after Intel Corp , the world's largest chip maker, gave quarterly earnings and a profit outlook that missed Wall Street estimates, fueling more recession talk.
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AFTER THE FEVERED speculation earlier this week about Dell using AMD microprocessors, the unthinkable nearly happened yesterday. The price of a share in AMD finished on the NYSE exchange yesterday at $21.